bluetoff said:weekly wage to your parents if living at home..
deem said:as already stated your parents will have to declare this, however the rent a room relief is much higher than the tax credit, so unless your parents are renting rooms to more than three people it could work out ok, unless of course the rent is very expensive.
Satanta said:Has anybody done this?
Not to my knowledge but I'm sure if you look hard enough you'll find someone who has done pretty much anything/everything.
Would my parents have to declare it even if i keep it under the level?
Yes. Keeping it under the threshold just means that they aren't liable for any tax on the money, they must still declare to remain tax compliant. Lots of info on the rent a room scheme available on AAM and here.
And would there own income affect this?
Their eligibility for the rent a room scheme?
No. Check out the official details on RaRS for full information on all requirements/conditions.
I'm not sure if thats what this question was in relation too though so feel free to clarify if referring to something else.
Remember if you do go this way to claim the additional Rent Allowance (additional tax credits) available to you as mentioned above.
As far as I know it's perfectly legitimate for parents to claim rent a room relief and the child to claim the rent tax credit as long as the transactions are above board.liteweight said:It is a question that has crossed my mind. If a parent applies for the rent a room scheme and the child pays under the threshold then what's the harm in the child getting tax credits for it? However, I'd assume that Revenue have that one covered. Interesting though.
I don't see why they would need to have this "covered". Technically the parents own the house, the tenant (in this case their child) is living in the house and is paying rent....liteweight said:If a parent applies for the rent a room scheme and the child pays under the threshold then what's the harm in the child getting tax credits for it? However, I'd assume that Revenue have that one covered. Interesting though.
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