The Rent a Room Scheme is in place for individuals who let out a furnished room or area in their own main residence. The scheme currently allows a tax-free income of up to £4,250 per year for the property owner, a rate which has stayed the same for 18 years.
This rate is set to increase to £7,500 from April 2016 which great news for those who have lodgers as it will allow an increase in tax-free income of £3,250.
If you are considering renting space in your residence, or any of your properties, then our team can support you. Contact us today on 01228 711888 to see how we can help you!