by AccountingPreneur | Mar 7, 2022 | Letting Relief, Tax, Uncategorised
Rent-a-Room relief: how it works Letting out part of the property which is your only or main home is a great way to boost your income, but you have to be aware of the tax implications that come with being a resident landlord. Rights and responsibilities include:... 
by AccountingPreneur | Dec 8, 2021 | Letting Relief, Property, Tax
How and when relief is available? What counts as a ‘repair’? HMRC defines a ‘repair’ as ‘the restoration of an asset by replacing subsidiary parts of the whole asset’. They illustrate this with the example of the cost of replacing tiles blown off by a storm. However,... 
by admin | Jun 12, 2019 | Letting Relief, Private Residence Relief
Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent. The scheme...