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Board payments to parents - taxable?
DMPDarling
Posts: 25 Forumite
in Cutting tax
I've been making board payments to my parents informally for a while - but may have to go bankrupt shortly due to a drop in income. I would like to keep up the board payments - its very kind of my parents to let me stay - but I would need to tell the official receiver about them. The thing is I don't want to get my parents in any kind of trouble for this, especially with the tax man. Its not a large amount - it has been 200 a month to cover bills and whatnot, and will probably be less after my drop in earnings. Does this kind of payment have to be declared as it is between family members?
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Comments
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No, it's not taxable because it is not income, just an arrangement to pay towards household costs.I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0
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Most parents make thousands from the money their children pay them for board and lodging.
NO, NOT REALLY. ONLY JOKING!!!!!!!!If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
That's great - thank you for that. I know its only a small amount of money - but I wouldn't put it past the taxman to want his bite anyway!0
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Your parents will be fine. Here's a link to HMRC's website about rent a room relief.Today is the first day of the rest of your life0
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