To think we cannot accept rent via DC's bank account!?

[coucoululu]

DH and I have a flat that we would like to rent out. We understand rent will be a second income and so will get taxed as such.

DH is saying if we were to open a bank account for our 10 month old, it would be his income and will only get taxed after £12,500.

I highly doubt this is ok. I have had a Google and am sure it's not allowed.

The money ultimately would be for DC and maintenance of the property but even so.

Advice greatly appreciated. X

@Trilateralcommission2 - 90% of your posts on this thread are just copy and pasted definitions. It is really odd. You write like a teenage boy on Reddit.

In what time? There's already not enough time in schools to teach decent sex ed, if there was, we wouldn't have 44% of women ignorant as to where the cervix is.

The overwhelming majority of people are on PAYE and will never need to complete a tax return.

The one thing that I do think should be taught is that workers with two or more jobs should write to HMRC every May enclosing copies of their P60s to request a tax refund, as BR means you are overpaying if you're on a low wage in all your jobs. I did this and got a couple of hundred pounds each year.

Why, surely that's what accountants are for. I mean you could literally say that about anything couldn't you. Basic stuff yes such as you have yo pay tax and NI and you should take out a pension but if you've enough money to buy a rental property then you can afford advice from an accountant.

How do you know there has been misinformation when you yourself appear completely untrained in tax law? The misinformation I see on here is mainly from you…. From your syntax, spelling, grammar and attitude I am fairly convinced you are a bored teenager at this point.

@VitoCorleoneOfMNMafia - it’s great you were on top of that but HMRC would have refunded you had you sent the P60s or not. They do tax calculations for people with basic tax affairs like that.

Where people have more than one high paying job though they should write to HMRC about potentially over paying National Insurance - HMRC do not always calculate that.

Don't be bloody daft. You've never seen the physical reality of Tax Law have you - the actual books fill a large room.

Not one person ever will be well versed in all UK Tax Law. It is not possible.

In 34 years (and numerous training courses) I learned the laws relevant to my role in Income Tax. Never ever touched Corporation Tax, VAT or Inheritance Tax.

And the laws were constantly being altered, scrapped, replaced.

Being a Lawyer (yeah, right) you are surely aware of the endless evolution of Laws???

No, they wouldn't have. I lost two years' of overpaid tax because I didn't know that I was overpaying and I realised more than six years later when it was too late to claim.

Lol you are asking for free advice on tax evasion avoidance on a parenting website

just no ! Have a look at gov.uk

@VitoCorleoneOfMNMafia - sorry to hear that, that should not have happened.

A foolish and unworkable idea.
Hope you are better at being landlords then you are at tax...

1. A child that age is not allowed to own property/land in the uk. It would have to be owned via a trust (complicated).
2. Your DH is clearly trying to evade tax. Scumbag.

If you are profiting from renting out property, you pay tax on it! God some people are awful.

Oh and just to put you at ease OP. I'm a tax specialist with 20 yrs professional experience in tax. There are many of us on here.

Mumsnet is actually not a bad place to find lots of well qualified women.

What DH proposed was illegal tax evasion, not lawful tax avoidance. We all want to pay only the tax we owe and no more. That's not the same as trying to pretend that a ten-month-old is letting out a flat.

Nobody presumed that. People were commenting on this idea, which is illegal.

UK HMRC self assessment tax form

One of the current questions on the online form, is something like, have you used any source related to tax evasion - yes/no

Secondly, his idea about putting income into a child's account
This would disadvantage everyone without children

Pay the tax !