Hi, Can anyone offer advise on the following
We are considering renting out our PPR/ home and moving to a bigger place.
We want to rent 3 rooms to individual people, and also retain a room for ourselves/storage, and also the right to be in and out of the place. We would be in effect live in landlords retaining the rights to the house, but not actually living there.
For tax purposes we would register for income tax on the income, as our actual PPR would be a different house. We would not be registering with the PTRB as we are subletting rooms & retaining space in our house.
I know I need a solicitor and accountant, are there any other 2nd property liabilities? Does that all sound OK, have a missed any significant problems I could cause tax or legally?
We are considering renting out our PPR/ home and moving to a bigger place.
We want to rent 3 rooms to individual people, and also retain a room for ourselves/storage, and also the right to be in and out of the place. We would be in effect live in landlords retaining the rights to the house, but not actually living there.
For tax purposes we would register for income tax on the income, as our actual PPR would be a different house. We would not be registering with the PTRB as we are subletting rooms & retaining space in our house.
I know I need a solicitor and accountant, are there any other 2nd property liabilities? Does that all sound OK, have a missed any significant problems I could cause tax or legally?