Money received from daughter for living at home

h935glf

My daughter and her boyfriend want to move into my daughters old room in our house while they save to buy a flat. They have offered to pay us an, as yet, undefined amount, to cover bills, food and possibly some rent. I assume that this monthly payment would be seen by HMRC as income and would therefore be taxable and would need to be declared on my tax return. Is this assumption correct?
Many thanks

[Deleted User]

If they are really offering you a Monet, I would snap their hands off quicker than a crocodile can snap his jaws.
Otherwise, you may like to consider amending the title of your post!

h935glf

Ha,Ha, Typo. Corrected

[Deleted User]

To answer your original question - not sure whether this would be covered under the "rent-a-room" scheme whereby you can rent a room for up to £7500 per annum I think and not have to declare it.

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

h935glf

Thanks that is helpful. Anyone else know if this scenario would be covered by the scheme?

MUM40

If your daughter lived with you she would pay you for her keep, so what is the difference.
I would just take the money off them, as I don't think it would be declared as income.

h935glf

But there would then be a record of a regular payment into our account which would become an issue if investigated by HMRC. I spend very little actual cash so her paying us cash wouldn't help

Maz

My daughter lives with me and pays me a set amount every month which covers rent, food, bills. I always looked on this as paying towards the cost of her living here as if she didn't live with me, my bills would be very significantly lower ! Between myself and my duaghter we decided on a monthly amount and that was 7 years ago! Given the way prices for everything have risen in that time with no adjustment in 'rent' she's getting a very good deal and there's no way I've ever profited from her living here!

If anything, I've probably been subsidising her for a very long time lol! She's always paid this over to me by standing order, I've never thought of it as anything other than cost sharing.

MUM40 put it far more succinctly than me!

Mojisola

h935glf wrote: »

My daughter and her boyfriend want to move into my daughters old room in our house while they save to buy a flat. They have offered to pay us an, as yet, undefined amount, to cover bills, food and possibly some rent.

They will be paying a share of the bills - it's not money you are earning.

It's the same as a flat-share where one person is named on the electricity bill but all the flatmates pay their share into that person's account.

silvercar

Board/ keep/ etc doesn't count as income for tax purposes.

maman

Maz wrote: »

If anything, I've probably been subsidising her for a very long time lol!

Well done. I'm sure OP wouldn't want to be making money from her DD either. Extra food is fine but not bills you'd have to pay anyway. Op said the reason they were moving in was to save for a deposit.