My wife and I bought a flat together. As we had a child two years ago we moved as the flat only had 1 bedroom. We are renting the flat out to my wife's brother.
Our mortgage payment is £540 a month. Our wife brother pays £580 and we use the extra money to pay for things when they gone wrong. This year the shower broke so we put a new one in and did some work to the outside of the property.
We have not declared that we are renting this to our mortgage provider or HRMC. This is something I want to change.
I imagien when we tell the mortgage provider we will pay more per month on our mortgage but not telling them that we have done it for 2 years will not be a huge issue.
I am worried about not declaring it to the taxman. What is the best way to tell them?
As is a joint mortgage could my wife declare this all on her tax return and I not declare it on mine. Or do we need to declare 50% on mine and 50% on her.
My wife does not work so will not hit a threshold on income. I pay a lot of tax and near the 50k mark so will begin losing child benefit if I tip over.
Any tips of where I can get advice would be great...
Our mortgage payment is £540 a month. Our wife brother pays £580 and we use the extra money to pay for things when they gone wrong. This year the shower broke so we put a new one in and did some work to the outside of the property.
We have not declared that we are renting this to our mortgage provider or HRMC. This is something I want to change.
I imagien when we tell the mortgage provider we will pay more per month on our mortgage but not telling them that we have done it for 2 years will not be a huge issue.
I am worried about not declaring it to the taxman. What is the best way to tell them?
As is a joint mortgage could my wife declare this all on her tax return and I not declare it on mine. Or do we need to declare 50% on mine and 50% on her.
My wife does not work so will not hit a threshold on income. I pay a lot of tax and near the 50k mark so will begin losing child benefit if I tip over.
Any tips of where I can get advice would be great...