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Hello there, I have a couple of questions about the tax 1.
Hello there, I have a couple of questions about the tax 1. The tax I need to pay from my renting income. My situation is as such: I own a property (mortgage has been paid off, in me and my wife's name… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
We rent out a room downstairs which we started doing in April
We rent out a room downstairs which we started doing in April 2011 in my wife's name who is unemployed. I am the main bread winner and I am PAYE on £25k a year. The rent on the rooms came to £9900 bet… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
Can you rent out more than 1 room in the same property under
Can you rent out more than 1 room in the same property under the UK's Rent a Room Scheme ? Is there a limit to the number of rooms that can be let out ? I live in my property with my wife and the prop… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
7,089 satisfied customers
I am raising money to buy a flat using a mortgage on the property
I am raising money to buy a flat using a mortgage on the property I live in to avoid needing the large deposits of buy-to-let mortgages. All the interest I pay will be on the mortgage on the house and… read more
Tony Tax
Tony Tax
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High School or GED
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I wish to buy a property for my 24 year old son costing about
I wish to buy a property for my 24 year old son costing about £180,000. If we put the house in his name can I assume that we will not pay stamp duty as he would be a first time buyer? Are their any sp… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
Hi Berduchwal, I have a few more questions, unrelated to our
Hi Berduchwal, I have a few more questions, unrelated to our last exchange. I own a property jointly with my wife that we rent to tenants. This year we will make a profit on it. Can I skew the profits… read more
berduchwal
berduchwal
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Licenciatura
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I own and rent out two small flats. I also have a lodger in
I own and rent out two small flats. I also have a lodger in my home which I also own. When calculating my total profit I have included all rental income including that from my lodger. I have made some… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
7,089 satisfied customers
Hi. My wife and I jointly own one buy to let property which
Hi. My wife and I jointly own one buy to let property which we rent out and have a mortgage on it. I am a higher rate tax payer , my wife isn't. Can we share or split the tax liability in any way ? Wo… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
My daughter and family have moved into share our family home
My daughter and family have moved into share our family home and contribute towards the running costs of the household. We live in a purpose built extension which has adjoining doors and our own exter… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
Partner of 6 years and i bought two houses 1 her main residence
Partner of 6 years and i bought two houses 1 her main residence although she has stayed at the second home. second home my main residence and i let out some of the rooms. we have sold her home and I w… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
Dear Sir or Madam, Thanks for taking your time to read my
Dear Sir or Madam, Thanks for taking your time to read my query. I am self employed and rec income from property. I have almost completed my 9/10 tax return except I have come across one stumbling blo… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
I am working out the income tax I must pay for a room I rented
I am working out the income tax I must pay for a room I rented in my home. I am deducting a proportion of the mortgage interest, Council Tax, utilities and 10% of net rent as expenses. What proportion… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
7,089 satisfied customers
I am renting a seperate property as well as a room in my own
I am renting a seperate property as well as a room in my own home. Can I deduct the rent-a-room scheme allowance of £4250 from the total rent, as well as the allowable expenses from the property, when… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
I got married to my wife years a couple ago. The house and
I got married to my wife years a couple ago. The house and mortgage is in my name. She does not earn enough to meet the tax threshold. Can income from rentingout part of the house be put on her tax re… read more
Andrew Baker(baktax)
Andrew Baker(baktax)
Personal Tax Adviser
High School or GED
756 satisfied customers
I have been living with a friend of mine for the past 11 years,
I have been living with a friend of mine for the past 11 years, rent free, as a friend. I have started to pay her regular rent since april 2009 and have started a relationship with her in august of th… read more
Sam
Sam
Accountant
Higher Officer HMRC
15,686 satisfied customers
I have a flat which is my only property. I now live in a grace
I have a flat which is my only property. I now live in a grace and favor house. Can I treat the flat under the rent a room allowance of £4250 before tax?… read more
Sam
Sam
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Higher Officer HMRC
15,686 satisfied customers
I am looking to jointly purchase a Furnished Holiday letting
I am looking to jointly purchase a Furnished Holiday letting property and want to obtain a buy to let mortage as I understand I can claim any loan/mortgage interest against any profit. Do I have to ob… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
7,089 satisfied customers
We are planning to purchase a property for our son to live
We are planning to purchase a property for our son to live in while at University. A friend of his will pay him to lodge with him. Would we become liable for income tax on the amounts the friend pays?… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
7,089 satisfied customers
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