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Where Taxpayers and Advisers Meet

Garage to rent

Raj123
Posts:2
Joined:Thu May 23, 2019 6:33 pm
Garage to rent

Postby Raj123 » Wed Jul 26, 2023 1:46 pm

Hi All,

I am thinking of renting my garage space as its not been used much.
Estimate income £1400 annually, property is in joint status with my wife.

My query is as the rental income would be shared between both of us our individual share would be £700 each, do I need to let HMRC know about this additional income or as its below the £1000 threshold its not necessary to declare.

Thanks

Jholm
Posts:350
Joined:Mon Mar 11, 2019 4:22 pm

Re: Garage to rent

Postby Jholm » Wed Jul 26, 2023 3:56 pm

From the horse's mouth:

If you own a property jointly with others, you’re each eligible for the £1,000 allowance against your share of the gross rental income.

https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#property

Jholm
Posts:350
Joined:Mon Mar 11, 2019 4:22 pm

Re: Garage to rent

Postby Jholm » Wed Jul 26, 2023 3:57 pm

(Meant to copy this extra line also)

If your annual gross property income is £1,000 or less, you will not need to tell HMRC, unless you cannot use the allowances. If it’s higher, you’ll need to declare your property income.


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