Hello all!
Questions perhaps mainly relevant to those hosting in Britain, and as live-in hosts.
What do you think of the consultation?
Did you participate in it?
How might this affect you?
Thank you so much for posting this, Alastair! I’d heard rumblings about this in the last budget (or last budget-but-one?), and have been anxiously waiting to hear more. NB I didn’t take part in the consultation or even know it was happening…
Anyway, needless to say, I’m hugely relieved they’ve decided to retain the £7,500 tax exemption, or at any rate have been advised to retain it. I think it’s pretty generous, to be honest, and I’m careful not to exceed it as I have a horror of (a) form-filling and (b) tax-dodgers. Win win as far as I’m concerned.
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ASTAIRE, not Alastair. Sorry! *shakes fist at auto correct *
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It seems the government have retained the scheme with no restriction on tenancy length. Surely good for Airbnb hosts?! The scheme was as much about preventing home owner homelessness as providing homes. Many home owners can manage str but not LTR because they can’t offer kitchen facilities or have family staying periodically. So, rent that room!
Remember the government is getting more tax on buy to let landlords via stamp duty, lack of mortgage relief etc… No need to go after small time rent a roomers.
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Don’t forget, if you’re going down the £7500 route, you can’t claim any other deductions, such as cleaning equipment, repairs, stationary, etcs. That’s why it seems generous, it just makes it a one-off easy claim for your home
Yes indeed the HMRC rules say no expenses for the rent a room scheme. Best ease up on those caviar breakfasts.