To make it brief, one of my clients and his wife inherited a property last year, part residential and part hairdressers. He was looking to sell the property but had had no joy. He is currently receiving rent a chair income off three hairdressers totalling about £20k per year.
I would like to class it as rental income but am leaning towards a trading partnership. What is anyone else's thoughts?
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Id suggest first year could be put through as rental income but going forward its looking like a trade.