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  • Tax

    What is property income?

    Thanks Sharron, I will give them a call this week.

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.

    Like others have said, a good accountant is worth their weight in gold and of course, hard to find.

    By good account, I mean someone who tells you things you don't know. Someone who is pro-active in ensuring you are making use of every benefit available to you.

    Most accountants I find are more reactive than pro-active. They do what is required of them and nothing more. These are in abundance.

    My accountant is the pro-active type. Happy to recommend if anyone is looking for a good accountant, just drop me a message. He's based in London but location shouldn't be an issue.

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    Hi Adam,

    Would you be so kind as to PM me your recommended accountant please?

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    I have the opportunity to let my PPR, where the occupier will pay the mortgage interest and utilities directly. I will make no profit, but does this constitute property income?

    I’d be surprised if the Inland Reveue or the mortgage lender accept this.


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    There's no issue with the lender but where is the income?

    I don't think that the utilities will be income but maybe the mortgage interest. There certainly won't be any taxable income.

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    Irrespective of any profit HMRC need to know about rental income - esp so with mortgage interest /S.24 - though also with non mortgaged lettings.

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    Yes, I had considered that. There will be no tax liability, I'll have most of my tax allowance spare.

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    Irrespective of any profit HMRC need to know about rental income

    There is a glaring exception that I had neglected to even consider (too much of my brain is in landlord mode). We will now be cohabiting, living as one household, a couple, a family, etc. etc.

    As a close friend has just told me "It was so bloody obvious, everyone could see it apart from you!"

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    So do you have Govt Gateway profile set up Gary?

    If not act immediately to get one so you can do SA online.

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