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Post Info TOPIC: Rental Income / Property Management


Newbie

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Rental Income / Property Management


Hi everyone, I'm looking at the possibility of starting a simple partnership with my wife to roll all rental income and property management expenses into one 'pot' which could be split based on the actual work we each put in to the rentals.

HMRC have responded to an enquiry saying "yes it is possible to form a partnership on that basis" and that "mortgage interest is treated the same as an individual" but have not confirmed whether current ownership of the respective properties (3) makes a difference. I'm also under the impression that the mortgage interest for a partnership would be a fully deductible expense whereas, for an individual, it is now treated as per the changes to tax relief for residential landlords being phased in (section 24?)

Anyone with an opinion or thoughts on this?



-- Edited by King SuPah on Monday 4th of May 2020 01:15:47 PM

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Master Book-keeper

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This is a forum for professionals not business owners.

Sorry we cannot help you on this forum.

It really would pay to invest in some proper tax advice...tax planning - its all in that planning word, asking before you set up is a good thing so at least you are part way there. But NEVER EVER EVER take tax advice from HMRC.

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Joanne

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and by that I dont mean with HMRC)



Newbie

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Thanks but I'm a bookkeeper looking for thoughts from my peers - not set in stone advice just thinking you might suggest something I hadn't considered.

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Master Book-keeper

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Its not the advice of a bookkeeper you need though is it - its tax advice.

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Joanne

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and by that I dont mean with HMRC)



Newbie

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Posts: 4
Date:

wow.

Really pleased I posted - honestly thought this might be a friendly forum.

Thanks

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Master Book-keeper

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Why do people get shirty when the advice given is not what they want to hear?

You definitely need tax advice on this tailored to your individual circumstances, and that's the advice Joanne gave you.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Dont forget the advice I gave about HMRC, which is surely every Bookkeepers, Accountants and Tax Advisor's mantra for clients.



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Joanne

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and by that I dont mean with HMRC)



Newbie

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Posts: 4
Date:

Thanks guys, honestly wasn't "getting shirty" just trying to have a conversation with some like minded people and thought my first post was suitably generic.

If you don't want to get involved - don't post a reply.

Rest assured I'll think twice before posting again.



-- Edited by King SuPah on Monday 4th of May 2020 04:40:41 PM



-- Edited by King SuPah on Monday 4th of May 2020 04:47:08 PM

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