chemhero321

Thank you Cynthiaz. Whilst we await a response from the HMRC admin, do you have a link to a gov.co.uk or legislation that specifically allows for this? This is to convince a client and not for my personal understanding.

Please can you confirm that a sole-trader can receive business funds, for example, from the sale of goods into a personal bank account where the account name is the same as the sole trader's name. For example would "Joe Bloggs" who is trading as "Victor Industries" be able to receive funds into a bank account where the account name is "Joe Bloggs"?

Noted. My sister has no income from any other sources. She is not in employment. As her share of the rental income is 1740 GBP and this falls within her personal allowance of 12570 GBP does this mean she will pay no tax on her share of the rental income?

Hi, My sister and I are the joint-owners of an apartment. This apartment has an associated car park space that we rent out for 290 GBP per month. This income is paid into my bank account which is in my name only. Thus, in the 2023-2024 tax year I received 290*12 = 3480 GBP. My questions: 1. As the car park space is jointly owned by my sister and myself and she is entitled to half the income, do I have to declare only 50% of the rental income on my self-assessment i.e. 1740 GBP? Do I have to declare all 3480 GBP as my income on self-assessment? Note that I am a sole-trader who is completing a self-assessment in any case for my business.