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LBWCS

  • Posts: 647
Rent a room
« on: March 15, 2017, 07:39:02 pm »
Does anyone use then rent a room scheme as a ltd company that can bring £7500 worth of tax free allowances? Someone mentioned it and I had never heard of it before
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CleanClear

  • Posts: 14251
Re: Rent a room
« Reply #1 on: March 15, 2017, 07:45:24 pm »
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LBWCS

  • Posts: 647
Re: Rent a room
« Reply #2 on: March 15, 2017, 10:43:42 pm »
Yes as above does anyone use it?
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Cookie

  • Posts: 928
Re: Rent a room
« Reply #3 on: March 15, 2017, 11:03:42 pm »
It's a personal tax allowance.  Essentially if you have a lodger (or lodgers) living in your home there is no need to declare any rental income below £7,500. This is nothing to do with Ltd companies - you can do this whether you're self-employed or an employee. We have done it in the past ....
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CleanClear

  • Posts: 14251
Re: Rent a room
« Reply #4 on: March 16, 2017, 03:12:32 am »
Quote from: LBWCS on March 15, 2017, 10:43:42 pm
Yes as above does anyone use it?
Just when you think humanity can't sink any lower.
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STEVE-UK

  • Posts: 1608
Re: Rent a room
« Reply #5 on: March 16, 2017, 05:03:41 pm »
This sounded viable to me, so spoke to my accountant, He strongly advised against it
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Cookie

  • Posts: 928
Re: Rent a room
« Reply #6 on: March 16, 2017, 05:27:35 pm »
Quote from: STEVE-UK on March 16, 2017, 05:03:41 pm
This sounded viable to me, so spoke to my accountant, He strongly advised against it

Why?
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duncan h

  • Posts: 1875
Re: Rent a room
« Reply #7 on: March 16, 2017, 06:20:48 pm »
Split up with wife and get a 25 year old female lodger :)
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robert mitchell

  • Posts: 1990
Re: Rent a room
« Reply #8 on: March 17, 2017, 04:45:46 pm »
Quote from: Cookie on March 16, 2017, 05:27:35 pm
Quote from: STEVE-UK on March 16, 2017, 05:03:41 pm
This sounded viable to me, so spoke to my accountant, He strongly advised against it

Why?

Sounded viable?     Its just a tax free allowance for if you have a lodger , nothing to do with business or being ltd company. 
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dave f

Re: Rent a room
« Reply #9 on: March 19, 2017, 07:12:30 am »
my son dose that air bnb  50quid a night he lives in morden surrey
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Soupy

  • Posts: 19706
Re: Rent a room
« Reply #10 on: March 19, 2017, 07:22:20 am »
Quote from: dave f on March 19, 2017, 07:12:30 am
my son dose that air bnb  50quid a night he lives in morden surrey

I live in medieval Rome.
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Crystal-clear

  • Posts: 3029
Re: Rent a room
« Reply #11 on: March 19, 2017, 04:17:46 pm »
Quote from: LBWCS on March 15, 2017, 07:39:02 pm
Does anyone use then rent a room scheme as a ltd company that can bring £7500 worth of tax free allowances? Someone mentioned it and I had never heard of it before
Clearly the allowance is only if you have lodger and he lives in your home it's nothing to do with being LTD nothing States if you don't have a lodger you can also use this
It's their to encourage home owners to help the housing crisis so the government reward you if you have a lodger
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