Tax Form ( Form 12)

[pbrady]

Tax Form ( Form 12)

I have to fill out a Form 12 for the taxman.
The Question I have is about. Income From Renting a Room.
My rent from renting a room is below the 10000 per year.
My problem is that the mortgage is in 2 names. Myself and my Father.
( My father is the under righter for me. I needed him to guarantee the loan from the Bank for me ) I live in the house and I am paying of all the Mortgage and all the Bills.
If I fill in all information about how much rent I get and Bills …etc ..
Will my father get exposed to property tax as this is not his main place of resident.

Thanks

 

[Pat Bateman]

The name(s) on the mortgage aren't relevant. Who is the beneficial owner of the property? I'm assuming it's you - Therefore this rent a room scheme income has nothing to do with your father.