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10 things you should know about PRTB

Posted on | October 6, 2009 | No Comments

rentingLandlords, have you registered your tenants with the Private Residential Tenancies Board (PRTB)
Here are ten very good reasons why landlords and tenant should make sure that tenancies are registered.

You can find out more about Rent and Tax here.

  1. 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!
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Confirmation of registration: As well as you the landlord, tenants will also receive confirmation of registration from the PRTB.
  8. 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.
  9. Dispute Resolution #2: If a dispute is brought to decision and not appealed to the courts within 21 days, then the decision is final.
  10. How to Register: Registration is quite easy – you can download the application form from www.prtb.ie
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Category: Income Tax, Paye Tax, Rent Relief, Self-Employed & Directors
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