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Specialisms

Rent A Room Accountancy Advice

The Rent a Room scheme has special rules that apply when you let furnished residential accommodation in your only or main home.

The scheme provides for the first £4,250 (£7,500 from 06.04.2016) of gross income to be tax free. Expenses cannot be deducted when arriving at this income figure.

If you provide services for which you get paid, for example meals or a laundry service, this income too needs to be included in establishing your gross income.

The scheme is optional, and if not beneficial can be opted out of and the income received taxed under the usual furnished letting rules.

Principal Private Residence relief is not affected by the Rent a Room scheme.

Want to know more about the Rent a Room scheme contact buytolet@moco.co.uk

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