Do we need a new PPS number for renting

[Finlandia]

Myself and my ex are going to rent out our house in the next week or two her accountant has told her we need to go to revenue to get a new PPS number for tax purposes, i have never heard of this before is this a must, or can we just both tell revenue seperately we are renting and pay any tax seperately, im really not comfortable getting a new PPS number which i feel is not necessary particularly if im am going to be paying tax anyway.

Any advice would be great particularly on a legal side many thanks

 

[WindUp]

possible that he was suggesting that you set up a partnership. there was a similar thread earlier today.

http://www.askaboutmoney.com/showthread.php?t=161716

I dont think its absolutely necessary; but as suggested , it might make things more straightforward

 

[Finlandia]

oh i didnt see the thread do you think it would be better to set up a partnership

 

[WindUp]

There is more to Renting then just paying tax on the rent - as you are probably aware :

You need to register with PRTB
Calculate Taxable income - Capital allowances, allowable mortgage interest etc

Are you in a position where you can both sit down once a year and do this -- If so & if revenue dont request otherwise going individually should be fine.

But as suggested in the other thread , a partnership boxes off the rental income separately and might be easier for both you and Revenue

 

[Thirsty]

Separated couples are given different PPS numbers.

 

[WindUp]

Separated couples are given different PPS numbers.

Really?