July 7th, 2011

Cash in on the Olympics

 

With the start of the 2012 Olympic Games around the corner London based folk could think about renting out a spare room to visitors.  If so check out the Rent a Room Scheme, which applies to anyone who lets furnished accommodation in a residential property.  Under the scheme, you can receive up to £4,250 a year tax-free.

To take advantage of the scheme you can let a furnished room (or even an entire floor of your home) to a lodger who pays to live in your home and, even if they have access to family rooms occasionally, that’s fine.

In addition, you can use the Rent a Room scheme if your home is rented; you don’t have to be the owner.  Full details of the scheme can be found at:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804

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John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys keeping fit and is a Liverpool FC season ticket holder.

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