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How to inform HMRC on rental income

LANDLORD FORUMCategory: TaxHow to inform HMRC on rental income
How to inform HMRC on rental income 1ram vek asked 3 weeks ago

we are a retired couple both on pension coming in and now also a monthly rental on a property that is in our sons name.

We loaned the price interest free to buy the property but he is now unable to repay back hence us keeping the rental income. We are in the process of transfer of equity with nil consideration to our names. Thus we need to know how to inform HMRC and is it better to go via an accountant? We have not done any self assessments for the past 10 years as there was no need because we were within our tax allowances

2 Answers
How to inform HMRC on rental income 2Marc Attwater Staff answered 2 weeks ago

Many issue’s to consider, before you proceed you must get advice from an accountant.

How to inform HMRC on rental income 2Marc Attwater Staff answered 1 week ago

Many issue’s to consider, before you proceed you must get advice from an accountant

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