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Rent a Room Tax Relief Joint Ownership
patch9495
Posts: 141 Forumite
Good Afternoon,
We are looking at letting our spare room and are after some clarification regarding the tax on the rental income.
The room will be let for £600pcm £7200per year. The house is jointly owned 50/50 split between me and my partner and we will put the rental income in joint name.
How much (if any) tax would we be liable for from this figure??
We will sign up to the tax relief through rent a room scheme if it would be beneficial
Thank you
Alex
We are looking at letting our spare room and are after some clarification regarding the tax on the rental income.
The room will be let for £600pcm £7200per year. The house is jointly owned 50/50 split between me and my partner and we will put the rental income in joint name.
How much (if any) tax would we be liable for from this figure??
We will sign up to the tax relief through rent a room scheme if it would be beneficial
Thank you
Alex
0
Comments
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Good Afternoon,
We are looking at letting our spare room and are after some clarification regarding the tax on the rental income.
The room will be let for £600pcm £7200per year. The house is jointly owned 50/50 split between me and my partner and we will put the rental income in joint name.
How much (if any) tax would we be liable for from this figure??
We will sign up to the tax relief through rent a room scheme if it would be beneficial
Thank you
Alex
Your rent is split 50/50 and the Rent a Room Relief is also split 50/500 -
Okay so the £7500 allowance (£3750 split between us) £7200 income (£3600each) would mean we are not liable to tax on this income?0
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