S0787571

High Earner Classification: My wife and I do not have a combined salary of £100,000. However, I was classified as a high earner and asked to pay back Child Benefit last year. Does the rule still apply to individual incomes, or has it changed to consider the combined salary of both spouses? Self-Assessment Reporting: Can the lower earner report the Child Benefit in their self-assessment instead of the higher earner? I wouldn't need to do a self-assessment if it weren't for the Child Benefit charge. It does seem unfair. Let me know if you need any further assistance or clarification on these points.

1) There isn't enough options for claiming against various categories. 2) mortgage interest for Holiday let can be claimed for whole annual amount, different to if you are renting? 3) If the expenses come from one account in my name. Can I wife claim 50% of expenses on the self assessment, as the income is split between two.

Hi HMRC, For Airbnb rental income. 1) Can I take into account all expenses on property including mortgage payments as expense 2) Airbnb income received into my account is that all I need to declare, as Airbnb sends income after deducting all fees. 3) when I do self assessment can I include my wife's details also in it. So both our income is considered for taxes and split will be by default 50 -50. Or can I split the percentage by deed of trust?

Declaration of trust doesn't between husband and wife does it work Scotland?

Hi, I am preparing the flat to rent out my flat. Like following: 1)PAT, EICR, Fire Alarm 2) Boiler test 3) Fire extinguisher and safety blanket 4) Landlord registration for short let Once all the above is completed, can I rent. So can all the above expenses which will be spend in Nov 2023, be claimed in a self assessment by Dec 2024?? Or should it be Jan 2024?? Where in I may not be renting by then? I have never done self assessment before. So please do guide.

Hi HMRC Admin 25, There are some posts which state a Deed of declaration is sufficient to transfer beneficial interest to your Partner. Here it is stated that a Declaration of Trust is needed to transfer beneficial interest for rental income. So which one is legally accepted by HMRC?

I will add my wife to the title deeds thru a solicitir, and change existing mortgage to include her on it. Then after the mortgage fixed period ends in 2ys I can change the title to remove me and move the title deed to her. That way it should be sorted then. It's just trying to gauge the cost against tax benefit. By doing the above. Solely due to fact that wife is on basic tax bracket, this all made sense to do. Else as a landlord ther isn't much savings now a days.

Hi @Bella Boo, So in Scotland, if I can't do a deed of transfer to transfer income to wife. That was easy way to move income 100% to wife. Else I have to do deed transfer to wife and also redo the mortgage. Won't adding my wife to title and mortgage and doing From 17 to split 100% allow my wife do self assessment for all expenditure including mortage? Under Scottish property law.

I have a property on my name, but I want to rent out the place. But want to move 100% of rent income to wife by deed of assignment. But to be able to claim mortgage interest. I want to add wife to the title deeds and then will she be bale to claim full interest on mortgage as welll?

Even I'd all expenses including mortgage comes from a joint account?