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Board tax??
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ST225
Posts: 1 Newbie
My oldest has finished his A levels, left college and has a job, if he starts to pay board by standing order does it count as income for us, and would it be taxable?
Thanks.
Thanks.
0
Comments
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Rent a room allowance is circa £7,250 p.a anyway.
Check allowance for under 24s paying parents. Don't claim single person's CT allowance.If you've have not made a mistake, you've made nothing1 -
No. It's exempt as it is not an arrangement that is related to trade, it is an arrangement between family members. Even if you were doing it as a commercial arrangement, under the Rent-a-room scheme, you can earn upto £7,500 a year from renting rooms in your home without needing to pay tax or complete a tax return.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.2
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