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Posted Wed, 12 Jun 2024 07:09:41 GMT by n99
Hello I and retired and have a property that I rent out and thus undertake self assessment and pay tax. I am wondering about my son now maybe helping me out with the day to day runnings of the property. It would help him greatly to do this if I give him full access to the bank account I use to manage the property finances. The bank says that the only way to do this, outside any power of attorney process which I do not want to do currently, would be to change the bank account from being in my sole name to be in both our joint names. Can we do this without there being any HMRC/self assessment/tax implications or changes needed due to the account now being joint? I would still want 100% of the property finances to sit within my affairs and my self assessment/tax workings. Thanks
Posted Fri, 14 Jun 2024 07:47:00 GMT by HMRC Admin 21
Hi n99,
If you make it a joint account, any interest that is then received is split 50/50 and needs to be declared in the same way. as long as the total interest from all bank accounts (not ISA) is below £100, or £500 if higher rate, then no additional tax will be due.
Thank you.
Posted Sat, 15 Jun 2024 12:28:49 GMT by n99
Hi The account pays no interest. however my question was not really to do with Interest paid. I'm wanting to know if I can add my son as a joint name to the account I use to administer the fiances of a flat I rent (so he can hep with administration) without affecting my self assessment? Nothing else will change - The flat is still in my name, etc etc. Thanks
Posted Wed, 19 Jun 2024 15:58:57 GMT by HMRC Admin 19
Hi,

As long as the income generated from your flat is declared solely on your return, this should be fine.

Thank you.
Posted Wed, 19 Jun 2024 16:20:04 GMT by n99
great thanks

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