Is this income from property | AccountingWEB

Is this income from property

have a client who has bought a property for his son to use, He raised the finance by cashing in endowments remortgaging on his own property and interest only mortgage. He pays £194 a month on IO mortgage and his son gives him £200 a month 'rent'. Obviously if we did income from property sched it would result in a loss, and he can hardly be described as charging a commercial rent, there is no formal rent agreement. I can't see much point in registering him, what does anyone think?

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rent at undervalue

Steve Knowles |
Steve Knowles's picture

more info

carnmores |
carnmores's picture

re income from property

gerawson |

Property not let at commercial rent

mickey09 |