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!
Does this count as rent?
ClareyFairy
Posts: 58 Forumite
If a friend came to live with us for a year so that they could save up, but gave us £50 a week towards their living costs (electric.gas.water.phone etc) does this need to be declared as rent or is it just friends helping out?
0
Comments
-
how much where the bills? surely 200 a months is well above the cost for one person flat sharing. Just devide the bills between all the people in the house/flat, then the amount left behind could be classed as rent from a lodger.
Why are you asking?Mortgage start Oct 12 £104,500
current May 20 -£56,290_£52,067
term 9 years aiming on being mortgage free by 7
Weight Up & down 14st 7lb0 -
Nope: Under government "Rent a Room" scheme you can have up to £4,250 rental income each year before you need to report to HMRC.. see
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
£50/week is £2,600 pa so you're fine...
Beware however malicious and/or nosy neighbours grassing you up. HMRC can decide you should have got "market" rental rates and assess you on that basis if they think you are being fraudulent, but I very much doubt they'd do so with you (more likely if someone was renting 4 rooms out to 8 eastern-European plumbers & claiming income of only 2p/month0 -
Declared to whom ?
The artfullodger is right about HMRC in regards to income tax, but I suspect that they might need to know about it if you are claiming any tax credits from them, and if you're currently getting any means tested benefits then I think the DWP would need to be told about it as well.0 -
I would call it "board" similar to what adult children pay their parents for their "keep" whilst living at home.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards