Calling all Landlords and Tenants: have you registered with the Private Residential Tenancies Board (PRTB)? Here are ten very good reasons why your tenancies should be registered.
- It"s the Law! Unless you are availing of the rent-a-room relief scheme or other exemption, you have to do it. Hey, we, know, boring old law - but best to just sign up and forget about ... it!
- Exempt Properties: Other than the rent-a-room relief scheme, other exempt properties include local authority housing, holiday lets, rent free tenancies, houses in which the landlord is also resident and some tenancies to family members.
- The Cost: Registration costs €70 per tenancy, with the cost maxed at €300 for multiple tenancies in the same building. If you do not register your tenant within a Month, then the fee goes up to €140 per tenant.
- Re-registration: Each new tenancy must be registered, or if you have the same tenant for 4 years, you must re-register the tenancy agreement after 4 years.
- Changes in Tenancy Agreement: If changes are made to the tenancy agreement, the PRTB must be notified. Changes include rent rates, a replacement tenant, but not duration - It"s assumed to continue until notice is given of its termination.
- Landlord Tax implications: If you do not have the tenancy registered, then you are not allowed to claim interest payments on loans on the property against your income. In most cases, this would have a huge impact on your tax bill for rental income which makes it really important to register.
- Confirmation: As well as you the landlord, tenants will also receive confirmation of registration from the PRTB.
- Dispute Resolution #1: This is an benefit of registration. If tenants and Landlord are in dispute, then the PRTB offer a free dispute resolution service. This does get used - In january 2009 alone, 50 cases were brought to decision.
- Dispute Resolution #2: If a dispute is brought to decision and not appealed to the courts within 21 days, then the decision is final.
- How to Register: Registration is quite easy - you can download the application form from www.prtb.ie
For more info on Rent and Tax check out Red Oak Tax Refunds.