Ami O
-
Maintenance cost v Rental income
Previously when I had a large repair bill I had a 'caution' note come up on my Self Assessment when I added my maintenance expenditure v rental income. As the rent I charge is below national average I know the windows I need replace this year will leave me with barely any profit, so I'm sure I will get this caution note again. As an alternative option I could get windows done in 2 parts to split tax years. But I'm just curious with this caution if there is a 'maximum allowance' for maintenance. -
Rental income
Both myself and husband own a property which is rented out.
The property was bought as a long term investment for retirement.
My husband paid the initial deposit, and the rest of the purchase was by mortgage in my name.
I have taken 100% of the rental income to cover this over the years.
The mortgage is now paid and I want to transfer the rental income to my husband as this will serve as his retirement income, as I will receive a works pension.
What forms do I need to complete this, and for self assessment purposes can the change only take effect from the date the forms are completed, or from the date he started receiving the rental income.