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    July 11, 2021
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PROMOTION Staycations Letting a property or a room DE ue to the current restrictions covered by the tax-free propertyallowance ifyou make an election to claim it. If the or alternatively actual expenditure can be on overseas travel we have all become much more familiar claimed. It is not possible to claim both allowances against the same source of Income. income exceeds this figure, the allowance can be clalmed as a deduction agalnst the income leaving the balance subject to tax, depending upon your overall tax position. You may have unused personal allowance to set against the escess. Alternatively, If expenses are likely to be higher than the allowance, the actual expenses incurred can be deducted instead. with the term staycation and many of us are once again taking a break at home this summer. Ifthe income you generate is significant Although the long-term outlook this year may be more positive, the situation is a changing one, and many will decide that holidaying in the UK is the sensible option and likely to be regular and long term, some thought should be given as to whether the furnished holiday leting requirements are met and actual expenses should be claimed. In additikon, VAT and business for them for the foresecable future. The ability to find that perfect place to take a holiday or short break has very much been helped by websites such as Ifa property is jointly owned, the rates may need to be a considered. property allowance is available to each If you would like to explore the tax Implications of letting a property or a room then please get in touch with us. owner. Airbnb, which takes away a lot of the Care must be taken however where you let other property as your total receipts from all property businesses need to be considered when deciding whether to hassle and cost for those looking to let a property in the short term. It may be that receiving some extra income will be useful, however you may not want to go as faras setting up a formal holiday let business, which comes with claim the allowance. Rather than let a whole property, you may decide to let a room or rooms in your home the need to comply with the furnished holiday letting requirements to obtain the while you continue to live there. Income received in this way can be covered by renta and Private Client Tax Specialist at room relief, which covers gross rents of upto Kreston Reeves. E7.500 per annum. Ifa property is owned by more than one person, the relief is reduced to E3,750 for each owner, irrespective of the Jamie Hopkins is a Senior Manager associated tax benefits, If a more casual approach is the best option for you, letting 0330 124 1399 a whole property or spare room on an ad jamie.hopkinsekrestonreeves.com hoc basis could utilise one of the tax-free allowances available, which also help number of owners simplify the records you need to maintain. Ifthe gross rents you receive in a tax year KRESTON "REEVES As with the property allowance, when the rent exceeds £7,500, the allowance can are not more than E1,000, the income will be be claimed as a deduetion against the rent Kreston Reeves has offices in Brighton, Chichester, Horsham, Worthing, London and Kent. www.krestonreeves.com PROMOTION Staycations Letting a property or a room DE ue to the current restrictions covered by the tax-free propertyallowance ifyou make an election to claim it. If the or alternatively actual expenditure can be on overseas travel we have all become much more familiar claimed. It is not possible to claim both allowances against the same source of Income. income exceeds this figure, the allowance can be clalmed as a deduction agalnst the income leaving the balance subject to tax, depending upon your overall tax position. You may have unused personal allowance to set against the escess. Alternatively, If expenses are likely to be higher than the allowance, the actual expenses incurred can be deducted instead. with the term staycation and many of us are once again taking a break at home this summer. Ifthe income you generate is significant Although the long-term outlook this year may be more positive, the situation is a changing one, and many will decide that holidaying in the UK is the sensible option and likely to be regular and long term, some thought should be given as to whether the furnished holiday leting requirements are met and actual expenses should be claimed. In additikon, VAT and business for them for the foresecable future. The ability to find that perfect place to take a holiday or short break has very much been helped by websites such as Ifa property is jointly owned, the rates may need to be a considered. property allowance is available to each If you would like to explore the tax Implications of letting a property or a room then please get in touch with us. owner. Airbnb, which takes away a lot of the Care must be taken however where you let other property as your total receipts from all property businesses need to be considered when deciding whether to hassle and cost for those looking to let a property in the short term. It may be that receiving some extra income will be useful, however you may not want to go as faras setting up a formal holiday let business, which comes with claim the allowance. Rather than let a whole property, you may decide to let a room or rooms in your home the need to comply with the furnished holiday letting requirements to obtain the while you continue to live there. Income received in this way can be covered by renta and Private Client Tax Specialist at room relief, which covers gross rents of upto Kreston Reeves. E7.500 per annum. Ifa property is owned by more than one person, the relief is reduced to E3,750 for each owner, irrespective of the Jamie Hopkins is a Senior Manager associated tax benefits, If a more casual approach is the best option for you, letting 0330 124 1399 a whole property or spare room on an ad jamie.hopkinsekrestonreeves.com hoc basis could utilise one of the tax-free allowances available, which also help number of owners simplify the records you need to maintain. Ifthe gross rents you receive in a tax year KRESTON "REEVES As with the property allowance, when the rent exceeds £7,500, the allowance can are not more than E1,000, the income will be be claimed as a deduetion against the rent Kreston Reeves has offices in Brighton, Chichester, Horsham, Worthing, London and Kent. www.krestonreeves.com