Declaring 2022 gite income France and UK

Vincent
· Viewed 303 times

Our situation 2022 tax year
1)property purchased in Sarah’s name before we were married 2015
2) married in 2018… Although married name is on the tax form I am not sure if the tax office have fully understood this
3) my wife UK national
5) Me UK and Polish National..so EU Passport and UK passport
6) Share all income from all sources 50/50 and have a partnership business running in the UK which does this in a legal framework
7) last year’s gite income around 35000€ (still finalizing may be a few thousand more but less than 40000)
8) This represents less than half UK income in 2022
9) On simplified tax regime.. but I do have to do formal tax accounting for the UK tax return though these run on a different fisical year and are converted to Sterling using approved UK tax office assumptions.

Questions
A) Is there any benefit in putting the property in both names? If so would this entail capital gains and a complete sale process?

B) to comply with deadline 25th should I just submit as before with ‘unprofessional’ landlord around 35k€

C) Could we have run this business together (as I am the only working person in the business here) and if so should I write now to the tax office and repeat the process I did for my wife?

Going forward
D)going forward this year we may be over 50% of income from the Gite I will only know in October if so can we still backdate professional status

E) We haven’t bothered with Gite de France should I really do this to get a more favourable tax regime going forward?..If so I would only want to start this process in October/November due to personal family constraints (especially my mother)

F) can we run this business together on the Professional basis?

G) what are the implications of my EU/martial status on my wife from a practical situation in terms of setting up a Professional status?

H) When the decision is taken to change the status I believe that is a service you offer? If so based on my nationality our marital status and the property status what would you advise and the fees to make sure we have everything in place

4 replies so far...
Log in About membership