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Help on giving loan and reclaiming.
Comments
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So are your parents still the landlords, but they gift you a share of the rental income each month??How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0
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Hi Sea Shells.
That’s correct.
Me and my wife receive 34.9% every month.0 -
Who's paying and declaring income tax on the rental income? Are you a 34.9% owner of "the business" so it is your declarable income, or is it solely your parents income of which they gift you some??How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0
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Hi Sea Shells,
Why does that matter what income tax and who is paying it? (Not to sound rude)0 -
To answer your question.
I get gifted money monthly to the percent of total income.0 -
Just being inquisitive really, sorry.
Just seems a strange set up you've got going and hoping, for your sake, that everything is being done above board.
You've already lost a shed load of cash and being a millionaire doesn't exempt you from the pitfalls of not doing everything by the book.
If you and your parents have all your tax affairs in order then you've nothing to worry about.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
This time next year Rodney.............:cool:I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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No offence taken @seashells I was starting to think you worked for HMRC lol.
My parents do all the tax affairs as they not based in this country anymore. Don’t ask me no idea.
We won’t be investing in any more businesses we tried to help someone out but didn’t work out.0 -
None taken!! No I'm not a secret agent for HMRC, but have read plenty of tails of woe on this site to know that just when people think all's sorted, something they hadn't considered jumps up and bites them.
There is always so much to think about around money, whether that's property, investments, pensions, tax, legal obligations as a LL, inheritance, probate, etc etc, that it can be a minefield.
It's always best to be as clued up as you can be. Everyday's a school day!!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
Yes, sadly inherited money like this doesn’t often make it down the generations. If you didn’t work for it yourself then it’s easier to fritter away.Joewasherein2019 wrote: »We just wanted to help this young chap out.
Live and learn.
We made most of our money from selling land to housing developers from my parents.0
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