Rent Covered By Rent A Room Relief

Rent Covered By Rent A Room Relief

Rent Covered By Rent A Room Relief

For many property owners, the rental income will be tax-free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence is rented out, typically to lodgers. Where the house is owned jointly, they would qualify for £3,750 each tax-free.

This £7,500 exemption would also apply where the property owners are temporarily absent and rent out their property, for example, a house in SW19 during the Wimbledon fortnight.

A few years ago it was proposed that such lettings would not qualify but the legislation was dropped and the CGT lettings relief restriction was introduced in the latest Finance Act instead.

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Makesworth Accountants in Harrow

Unit-101, First Floor,
Cervantes House, 5-9 Headstone Road,,
Harrow, London HA1 1PD
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Central London

63/66 Hatton Garden
Fifth Floor Suite 23,
Central London, London EC1N 8LE
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Ilford

Balfour Business Centre, Suite B15
390-392 High Road,
Ilford, London IG1 1BF
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Glasgow

Unit 103, Nasmyth Building, 60 Nasmyth Avenue, Scottish Enterprise
Technology Park,
East Killbridge, Glasgow G75 0QR
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Barnet

169 High Street,
Barnet, London EN5 5SU
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

 

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