Rent aroom property relief.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Rent aroom property relief.

    Hi Qick Q i cant find the answer online..

    Can i claim rent a room relief on a rent of 300pounds a month at my first property where I live. 3600 a year.

    I rent a second property 1200 pcm, where I do not live and would not claim the rent a room relief- or rather i pay tax normally at this property.

    Im not sure if i can claim the tax free allowance for the first house if i rent a second property.

    Anyone in the know?

    Many thanks

    #2
    You can claim the rent a room allowance even if you have a separate rental business.
    They're not the same thing.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Thanks for your reply, this is what i thought, but couldn't find anything on the government page to back it up.

      Comment


        #4
        The rent-a-room scheme (rent below £7500 ) applies to a room in your own home.

        https://www.gov.uk/government/public...-a-room-scheme

        Comment

        Latest Activity

        Collapse

        • Paying Tax and Documentation
          by Cotton
          My query is in two parts

          1. I own a property in my personal name. I purchased this to give a family member some passive income.

          Am i right in saying that as the rent does not come to me, i do not need to notify hmrc of additional rental income? And i do not need to fill in...
          28-05-2020, 06:32 AM
        • Reply to Paying Tax and Documentation
          by jpkeates
          It could be, it depends where the money ends up.
          Tax follows beneficial ownership, so if the relative is the landlord and receives all the rent and keeps it, the owner of the property isn't involved in the income.

          If the income received benefits the owner financially in some way,...
          29-05-2020, 08:54 AM
        • Reply to Paying Tax and Documentation
          by AndrewDod
          Agree with that. If they were a co-owner OP could agree to split the rent and expenses in some way. But not otherwise....
          29-05-2020, 08:32 AM
        • Reply to Paying Tax and Documentation
          by Section20z
          I don't think you can just divert the income through another family member's account, that could be tax evasion....
          28-05-2020, 21:42 PM
        • Keeping records for CGT and rental income separate ?
          by Another Fine Mess
          I recently bought a house to rent out. Am I right in thinking that I should do two sets of accounts.
          Account 1. CGT account, List the purchase price, solicitors fees, stamp duty, and all the repairs we had to do structurally, decorating, carpets, paint windows, etc So if the purchase price...
          22-05-2020, 12:18 PM
        • Reply to Keeping records for CGT and rental income separate ?
          by theartfullodger
          Good. But it may be an old edition not up to date with all current regulations. It's republished every year...
          28-05-2020, 16:04 PM
        • Reply to Paying Tax and Documentation
          by jpkeates
          If you receive no income from the property you own, you don't have to pay income tax on it, no.
          You may have to pay CGT when you sell it, if there is any significant increase in value.
          28-05-2020, 15:57 PM
        • Reply to Keeping records for CGT and rental income separate ?
          by Always Problems
          theartfullodger,

          Thank you for the advice regarding the Tax.
          I looked up the book you recommended and found one on eBay at £2 delivered and in it my query is answered.
          28-05-2020, 15:09 PM
        • Reply to Paying Tax and Documentation
          by Gordon999
          The Director of the Ltd Company has to file annual returns to Companies House and to HMRC..

          Visit Companies House website, use your company number to find company listing and check due date for filing tax returns . Can be fined if you fail to comply.
          28-05-2020, 14:52 PM
        • Reply to Sell my small garden to my limited company
          by jpkeates
          It just has to really be your PPR, so for most people with one home, it's a no brainer and starts the day they move in.

          The issue is that you need to track all the money flows over the business lifetime.

          The company is going to be paying tax at 19%, and most of what comes out...
          28-05-2020, 08:38 AM
        Working...
        X