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Started by Minno313131, 28-01-2010, 16:16 PM
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  • Rent 2 Rent Tax Return
    by dhoops97
    Hi,

    I'm currently receiving the rental income for my dads properties. I'm currently fully managing the properties for him and the tenants are paying the rent into my account. Once I receive the rent, I pay my dad a fixed amount and I keep the rest. Is this legal? And if so, do I pay tax...
    03-08-2021, 14:24 PM
  • Reply to Rent 2 Rent Tax Return
    by jpkeates
    Yes - that's essentially it.

    You should contact HMRC and tell them that you have a new source of income as a landlord and they'll tell you how they want you to report the income (probably an annual self assessment tax return).
    In a couple of years you'll need to do quarterly returns...
    03-08-2021, 17:36 PM
  • Reply to Rent 2 Rent Tax Return
    by dhoops97
    This is really helpful. My dad has changed the tenancy agreement and named me as landlord, so all payments are made to me. Therefore, all I need to do is declare all the income in the year as income and any payments to my dad, as expenses?

    Also, does this need to be in writing. At the moment...
    03-08-2021, 16:32 PM
  • Reply to Rent 2 Rent Tax Return
    by jpkeates
    It's legal.

    If you're named as the landlord on the tenancy agreements, your business is rent to rent.
    The amount you pay your father is a business expense, so you'll end up paying tax on the profit, but you need to declare the full amount as income and the payment to your father as...
    03-08-2021, 14:44 PM
  • Reply to HMRC Section 36 notice
    by Neelix
    If you were unemployed and receiving benefits and didn’t tell them you may need to brace yourself for contact from the DWP too...
    03-08-2021, 10:01 AM
  • HMRC Section 36 notice
    by KILOCHARLIE
    Wondering if anyone has any experience with one of these please?

    I received a letter from HMRC a few months ago stating they were investigating my property affairs. I was told I could provide documentation regarding it to help but if I didn’t wish then they would complete the check on...
    02-08-2021, 08:50 AM
  • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
    by spikeg33
    I know it’s 1% difference but was really asking what the legal implications are of either transferring it into 100/0 or 99/1. I’m not an expert in this field in any way shape or form and am merely asking for advice....
    03-08-2021, 09:10 AM
  • Advice for DoT 100/0 or 99/1 is there a beneficial difference?
    by spikeg33
    I would appreciate some advice on getting our one rental property transferred into my beneficial interest as I have recently retired and now have the whole of my tax allowance to use against the rental income. I have researched and researched but would like some clarification about what to do . At present...
    02-08-2021, 14:07 PM
  • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
    by theartfullodger
    Difference between 100:0 & 99:1?? 1%.
    03-08-2021, 09:02 AM
  • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
    by spikeg33
    Thank you jpkeates for your advice. I will now proceed with 99/1 and happy that you have clarified the situation for me....
    03-08-2021, 08:51 AM
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