Venues required by law to record contact details Recording Contact Details The Governments’ new requirements for businesses mean that premises…
Last year HMRC carried out a review of rent a room relief that was introduced in 1992 to offer a wider range of low cost rented accommodation.
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 Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from renting out furnished accommodation in your main residence.
HMRC was concerned that the relief was being “abused” by letting out the entire property using websites such as Airbnb and living elsewhere temporarily whilst the tenants were in the property.
Note that the Autumn Budget announced that the proposed restriction was not now being introduced.