Having a paying lodger

[northernladuk]

I have a couple of lodgers, the income helps when on the bench, at least I don't have to dip into the war chest. The income is also assessed against expenses, e.g. furniture/ agents fees etc etc

Can you claim furniture when it is your house? I thought percentage wear and tear was the way to go, but not your own stuff? Interesting.

You don't issue a 31 point list of demands as well do you per chance?

[NimbleJackAccounting]

Agree

I would advise anybody who is considering this to take some advice before taking any action.

Spliting the ownership of the home needs serious consideration, especially if the initial aim is to split a small amount of rental income from a lodger!

Alan

Absolutely agree - no substitute to discussing your specific case with a professional. However, election using form 17 is very common, and can save a decent amount of tax when used properly.

[NimbleJackAccounting]

Can you claim furniture when it is your house? I thought percentage wear and tear was the way to go, but not your own stuff? Interesting.

You don't issue a 31 point list of demands as well do you per chance?

I would go with the 10% wear and tear allowance instead of claiming for individual pieces of furniture supplied to the lodger. Although you can apportion other costs of the "rental business", e.g. electricity, cleaning, water rates, council tax, etc.

[d000hg]

I think this applies only if one doesn't have other rented properties.

Why? I did not think you got tax relief on a rented property except that expenditure on that property can be offset against income.

[SandyD]

Why? I did not think you got tax relief on a rented property except that expenditure on that property can be offset against income.

Dunno, someone told me that, but I guess they meant if you already have a second income.

Can an accountant clarify this please?

[Nixon Williams]

Dunno, someone told me that, but I guess they meant if you already have a second income.

Can an accountant clarify this please?

The £4,250 'rent a room' allowance is available if you let a room in your home, this is not affected if you rent another property out.

Alan

[northernladuk]

I think this applies only if one doesn't have other rented properties.

I would be careful with this thinking marlarky.

[vetran]

You don't issue a 31 point list of demands as well do you per chance?

You suggesting SandyD doesn't like pork or heaters?