New landord whats the best way to go

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    New landord whats the best way to go

    Hello
    i am a self employed person with a turnover off approx £66,000.
    i am due to inherit from my father outright ownership of one seperate commercial property and a half share ( with sister) of 3 comercial properties and six flats (all in one building) all occupied.
    My current joint income averages £20k.
    expected income approx £30k from properties. there is no vat on the rents.
    Can i avoid going above the vat threshold by giving having some of the peoperties in my wifes or adult daughters names.
    will this be better tax wise
    any help will be apreciated.
    the will is currently being contested (not with regard to the properties) so there is 2 years of rents held at the solicitors.
    yours Martin

    #2
    With the commercial, if your tenants are VAT registered, you may wish to opt to tax these rents. As you note, however, it is likely that registration would give rise to implications for your self-employment.

    I suggest as this is quite complicated that you pay somebody for some advice. Ask the solicitor for a recommendation perhaps?

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