Tradefair & Financials
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23 Mar 11
21:26
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Date Joined:
27 Jan 02
Is it taxable income, in the eyes of IR, I wonder?
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It depends, see the link.
http://www.hmrc.gov.uk/manuals/pimmanual/pim4001.htm
http://www.hmrc.gov.uk/manuals/pimmanual/pim4001.htm
I'm in an interesting position regarding this.
I rent a 4 bedroom apartment from a friend, and rent out 3 rooms now.
After paying bills and rent, I'm still out of pocket by a small amount a month, though my room would be about £500 pm if I was just renting it.
I've paid about £350 pm as an average over the last 2 years (which is rent paid + bills paid - rent received), due to void periods. I've wondered if I need to pay tax, as it could just be strucutured differently (with everyone paying the landlord directly) to lead to the same result, and I don't have any Net profit, barring a small saving relative to market rent for myself.
Any ideas?
I rent a 4 bedroom apartment from a friend, and rent out 3 rooms now.
After paying bills and rent, I'm still out of pocket by a small amount a month, though my room would be about £500 pm if I was just renting it.
I've paid about £350 pm as an average over the last 2 years (which is rent paid + bills paid - rent received), due to void periods. I've wondered if I need to pay tax, as it could just be strucutured differently (with everyone paying the landlord directly) to lead to the same result, and I don't have any Net profit, barring a small saving relative to market rent for myself.
Any ideas?
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