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Declaration of trust to someone not on deeds
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What I mean is the property is in my personal name not a limited company so how wouldmybestattempt said:subcapsular said:Can this be done even if the property is not in a limited business
I'm not sure what you are asking about, as far as I was aware you would be letting the property as it's owner.
Nothing you said suggested you would be transferring ownership of the property to a limited company.
I Employee my father and then set up PAYE and then claim
back the cost0 -
you would need to operate payroll software and make a monthly payroll submission to HMRC showing the amounts paid to your father,. You may need to pay employer NOI depending on the amounts involved but crucially, as mentioned in a previous post the amount paid must be realistic for the level of work donesubcapsular said:
What I mean is the property is in my personal name not a limited company so how wouldmybestattempt said:subcapsular said:Can this be done even if the property is not in a limited business
I'm not sure what you are asking about, as far as I was aware you would be letting the property as it's owner.
Nothing you said suggested you would be transferring ownership of the property to a limited company.
I Employee my father and then set up PAYE and then claim
back the cost
It would be impossible to claim 100% of the rent received as an expense deduction against your own tax on the basis you had paid 100% of that income as a "fee" to your father for being your agent. That would not meet the commerciality test as per the PIM2010 link previously given
as your father also operates his own property portfolio, the size of his fee would need to reflect that managing your one property cannot be anything other than a small % of his overall time. If his charge is "realistic" then you could claim that as an expense deduction against your own rental profits, but there is no way that charge would completely absorb your entire profit as that would fall foul of the avoidance/settlements legislation also previously linked.1
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