Hi
I have a client whose wife owned a property, and when they got married in 1992, she let the property for a small income each month. The property is still in her maiden name
As the income was so low, below the tax, this lady thought she would not have to declare the income, and hence has never registered with HMRC
Would appreciate any answers of how to deal with this with HMRC
Many thanks
Olivia
Hi,
I have a client whose wife lived in a property, which was and still is in her maiden name and her home. When they married in 1992, she started to let the property for a small amount each month, well below the tax bracket. She still lets out the property.
Does anyone know how to deal with this income, and how I declare it to HMRC?
Would appreciate any input
Thanks
Olivia
Replies (4)
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The first step would be to find out how much income she got from it, and how much other income she had over the same periods. Then assess what tax, if any, is due. Then report it to HMRC if necessary.
Other income is the issue
Amazed that people have such strange views
2 minute call to confirm that idea with HMRC, or was person worried that HMRC might have a different opinion?
Still think of 30 year savings in professional fees say £250 inc VAT £7,500
Ignorance pays dividends
This is quite a useful previous thread on this topic;
https://www.accountingweb.co.uk/any-answers/let-property-campaign-20-years