Renting furniture to yourself

Brightspark87

You might want to spend some money on some tax advice from a professional rather than make up complicated schemes yourself.

westernpromise

Brightspark87 wrote: »

You might want to spend some money on some tax advice from a professional rather than make up complicated schemes yourself.

It doesn't sound like I need to.

westernpromise

Rain_Shadow wrote: »

Nothing like the taste of sour grapes is there?

And note the insinuation that there's something unfair about her inheritance, as though someone else has a better claim on it than she does.

gingercordial

westernpromise wrote: »

It doesn't sound like I need to.

I hope for your sake that doesn't mean you think you can go ahead with what you've "worked out".

The usual result of attempts at tax planning by a non-professional is that you end up paying far more tax (and penalties and interest) than you would have done if you'd just gone with the simple default option in the first place. A little knowledge is a very dangerous thing.

I am a tax adviser and we get paid well because we have to be aware of all the other bits of intersecting tax law that will scupper what seems like an obvious way of paying less tax. We have a lot of training and know what seemingly-irrelevant details to ask about. The right answer is always "it depends".

Don't try this at home...

(Definitely not touting for business in any way; I'm happily employed and don't take personal clients.)

westernpromise

gingercordial wrote: »

I hope for your sake that doesn't mean you think you can go ahead with what you've "worked out".

No, the opposite. I have an accountant but I don't waste money asking him questions I can find answers to for free.

If somebody had said "yes, I do that" then I'd have asked him if she could too.

Brightspark87

Ok then why ask us then? Sounds like you've got it all sorted!

Mrs_pbradley936

Brightspark87 wrote: »

Ok then why ask us then? Sounds like you've got it all sorted!

Perhaps to get the expert opinions offered on here. I often ask for help with financial issues and techie stuff. I give advice/information on things I have first hand knowledge of. That is what the forum is for.

In this case nobody thought it a good idea.

Cheeky_Monkey

Rain_Shadow wrote: »

Nothing like the taste of sour grapes is there?

Nothing like the smell of greed is there?

seven-day-weekend

ThePants999 wrote: »

Mmmm. I've long found it an odd quirk of this forum that money saving is considered a great thing if you don't have much of it, but poor form if you have plenty.

There are plenty of people on here who don't agree with people receiving inheritances as it is 'unfair' and would like to impose 100% tax on them.

I expect these are people who are not expecting an inheritance.

FWIW, although I have never felt that way about inheritances, I received an absolutely unexpected sizeable inheritance last year. I did not have a clue it was going to happen. So you never know - it may still happen to those who think they are not due anything. I wonder if these people would still be quite so happy with 100% tax rate then?

Sorry to go OT and I hope the OP gets the advice they need, seems very complicated to me. I would just replace the furniture when it needed it, or sell it and rent the place unfurnished).

Person_one

ThePants999 wrote: »

Mmmm. I've long found it an odd quirk of this forum that money saving is considered a great thing if you don't have much of it, but poor form if you have plenty.

Tax evasion =/= money saving.

There's a big difference between ordinary less well off people trying to make their wages and/or benefits go further and wealthy people trying to get away with contributing as little to the public purse as they can get away with.