Student rental income
I have a (new) client who bought a property jointly with another unrelated person for the purpose of housing their children (A&B) who were going to University.
The house was big enough for A&B plus three other students.
The three other students paid rent each month and the parents of A&B also paid rent on behalf of their two children.
Is the rental income paid by A&B's parents taxable?
It would seem strange if I bought a house for my child, paid rent into a rental bank account each month and had to be taxed on that money. However if I bought the house jointly with a friend then the money I lodged into the bank would be income for my friend.
So do I treat 50% of A&B's rental as taxable income?
- Ltd company or sole trader 28 1
- Insolvent Liquidation 101 1
- insolvency ip control 152 1
- I know this has been done to death but IRIS / DIGITA / CCH??? 294 3
- Free Agent data? 79 1
- Generic PAYE notices 62 1
- Capital Allowances on Furnished Holiday Lets Business 120 3
- Mature student with NO GCSEs or A levels but with very solid 2:1 degree, needs help? 510 9
- Disengaging a client who uses our office as a registered office address 534 12
- Fee protection 73 1
- Stopping trading and de-registering for VAT 109 3
- What tax rules apply to oversea representative office employees in UK? 71 1
- UK company avoiding tax 178 2
- Finland 71 1
- With or without a practicing certificate 959 20
- Is HMRC iXBRL filing only available for small audit exempt companies 163 4
- What do you class as Research and Development for R&D Tax Relief 505 8
- Looking for free PDF creator 1,195 40
- reconcile Invoice finance bank statement on sage 103 1
- Closing Limited Company 381 10
- Xtuple 480
- Qtac payroll for bureau 323
- Confused - Professional Association a Mutual trader, or not? 270
- Industrial & Provident Societies 260
- Data transfer from Sage Line 50 to VT Transaction+ 201
- Mehjoo 198
- Changes in NHS pensions 166
- VAT on commission from Oyster card top up, lottery & paypoint 165
- New strategic report 159
- South African Government Pension 136