Hubby and I own 13 houses and have recently taken early, early retirement. Previously, I was a residential property manager and my hubby a gas engineer. We are considering starting up our own property management company just to manage our own personal portfolio of houses. Question: Can we "manage" our own houses in the eyes of the HMC, ie Can I prepare the leases, debt collect, etc and can hubby carry out repairs and the annual Gas inspection and "charge" ourselves for this service and, in turn, we can claim for these expenses on our tax form.
Obviously, we would then have to pay tax on the income earned in our property management company.
Thanks
Sandy
Obviously, we would then have to pay tax on the income earned in our property management company.
Thanks
Sandy