Back to questions

Can you earn income and compensation/donations at the same time?

By this I mean could I, for example, earn income (royalties, salary) at the same time as running a private membership club and receiving compensation/donations?

I'm also trying to work out exactly what renting out my property would be classed as:

– rental income?
– compensation in return for use of my property?

What it makes one or the other? Is it because I declare other types of income like salary. Or if I don't declare other times of income like salary, can I then reasonably state it is compensation. Or is it all in the agreements I make with those of mankind?

What if I only own 1/3 of said property with 2 family members and they are not clued up on LFM?

Want to see this question answered?

Click the "thumbs-up" icon. The questions with the most votes will be answered.

Responses

Your email address will not be published.