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In Wednesday's Summer Budget Speech, the Chancellor announced that with effect from April 2016, the level of the annual rent-a -room relief will be increased from £4,250 to £7,500. This means that any rents you receive up to £625 per month are completely tax free.
In light of this, consideration should be given to letting out any additional spare rooms that you were thinking of letting or indeed increasing the current rent of your existing rent from lodgings.
Please get in touch on 020 8545 7600 if you have any further questions.
Peter undertook business studies at Kingston University after leaving school and then accepted a place working for the Inland Revenue, working firstly at Walton on Thames and then promoted and relocated to Richmond. He was then offered a job with Wilkinson Latham, a small firm of Chartered Accountants, where he had worked for over 27 years and finally became a partner, before joining the tax team at WSM in 2014. In his spare time, you may occasionally find him at Box Hill with his beloved Classic Dragstar Motorbike.
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