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I need some help!
Comments
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Your son will have to register with HMRC and pay income tax on any profit he makes from letting his flat.
He can only claim the mortgage interest as an expense, not the any capital repayment.
He will also be laible to pay tax on any excess of income from the lodger over allowable expenses but can claim rent a room allowance if appropriate.0 -
People split from their GF all the time. Does he need to sponge off your son to deal with it?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Why not buy your son's flat and he buy your flat. Then he can rent a room as if he rents his current flat he has to pay tax on profit (rent less mortgage interest/insurance etc) plus he will have income from renting a room which may be taxable.
If he buys you out and you him he just rents out a room.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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Why not buy your son's flat and he buy your flat. Then he can rent a room as if he rents his current flat he has to pay tax on profit (rent less mortgage interest/insurance etc) plus he will have income from renting a room which may be taxable.
If he buys you out and you him he just rents out a room.
What about his mortgage it would be against his current property!0 -
Your son becomes a landlord with a tenant not a lodger.
Read:
* New landlords: advice, information & links0 -
He becomes both. His one bed flat is let by him as he's owner. His new flat he rents from parent he takes in a lodger for second bedroom.Your son becomes a landlord with a tenant not a lodger.
Read:
* New landlords: advice, information & links
Not if he buys 2 bed flat then his mortgage is against the new flat.What about his mortgage it would be against his current property! ~Laugh and the world laughs with you, weep and you weep alone.~:)
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You know Poppy I rather like your idea!
Thanks everyone.0 -
Surely the lodger can just find another spare room. Ive had many happy arrangements with strangers through zoopla. I just think this whole situation is so contrived.0
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