We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
rental income tax
jessieengers
Posts: 1 Newbie
Hi. We receive a little income from a small flat we own. My husband is just over the tax limit, I am not. can we put all the income on my tax allowance? The flat is in joint mames.
Thanks
Thanks
0
Comments
-
No - income is split in the same proportion as ownership. You husband can, of course, give his part of the flat to you.0
-
How would you feel if your tenant(s?) were fiddling benefits? Thought so,,, so surely you wouldn't want anyone thinking you were fiddling your taxes.... which clearly wasnae your intention..
Cheers!
Lodger0 -
theartfullodger wrote: »How would you feel if your tenant(s?) were fiddling benefits? Thought so,,, so surely you wouldn't want anyone thinking you were fiddling your taxes.... which clearly wasnae your intention.
Nope, those ducks don't buy their own houses and moat freshener is not cheap.0 -
When you say you receive income is that just the rent or is it the rent less allowable expenses?
Any tax due can be split as you jointly own the flat, which is I assume 50/50. If you earn under the personal allowance (£6035 for last year) then you will not owe tax on that value, but your husband will as he earns over the allowance.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards