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ocl A C C O U N TA N C Y

141 Englishcombe Lane, Bath BA2 2EL Tel: 01225 445507

www.oclaccountancy.com

Airbnb loophole blocked – Changes to rent a room relief

My life at Mogers Drewett

What is rent a room relief? Rent a room relief gives an exemption to income tax on profits earned through providing furnished residential accommodation in your only or main home. It applies if your gross receipts (before expenses) are £7,500 or less (this will be split if there is more than one recipient of the rental income). The gross receipts include not only rents, but also payments made to you for the provision of any other goods or services (meals, cleaning, laundry etc) in connection with the letting. New rules From the 6th April 2019, legislation has been introduced which will require an additional test of ‘Shared Occupancy’ to be met in order for the rent a room tax relief to apply. If the test is not satisfied, you will no longer be eligible to claim the relief on those receipts. The test of ‘Shared Occupancy’ means that you will have to be living (including sleeping) in the property for at least some of the time that the accommodation has been let.There has to be a period of overlap between the period you are living in the property, and the beginning of the rental period. This means that if you rent out your property while absent, you will not qualify for the rent a room relief. For example, from HMRC: “An individual lets their house (their main residence) during the Wimbledon tournament to a visiting family.The individual goes on holiday for the whole period of the rental. The receipts from the rental would not be eligible for rent a room relief as there is no shared occupancy during the period of the rental”.

For tax saving tips contact us – call Marie Maggs, Tom Hulett or Mike Wilcox on 01225 445507 for a no-obligation meeting. See our website for more. BE READY FOR MAKING TAX DIGITAL

What our clients say:

““As a business that works with a wide range of clients from private to public-sector organisations including pharmaceuticals, banks, local and national government and the NHS, our accountancy partners OCL have been instrumental in improving our financial systems. They stepped forward to modernise our accounts, moving us online with QuickBooks cloud accounting software.They were on hand to give us advice every step of the way and their knowledge of QuickBooks is superb.We have worked with OCL for several years and throughout they have always been professional and easy to work with - a business partner we trust.” ”

Jenna Larcombe, Solicitor - Commercial Property at Mogers Drewett, shares a behind-the-scenes snapshot of her career at Mogers Drewett and challenges the ‘stuffy’ perception so often associated with the legal sector. I joined Mogers Drewett nearly three years ago. Having grown up in Bath, I knew the firm was really well regarded and did high quality, challenging and interesting work. We’re a diverse team and while we have our roots firmly established in the South West, we have a number of ex- city lawyers that have brought us that vital national perspective too. Since joining the Commercial Property team, I’ve handled a variety of transactions including land sales and acquisitions, Landlord and Tenant matters, development and secured lending work. Aiming high I am already a team leader in the Wells office and have a clear pathway set out to help me achieve my career goals. As part of this, I am encouraged to attend both formal and informal events and play my part in the continued development and growth of the firm. Some days, I work in the Bath office where I live or visit colleagues in Sherborne. In reality, we work as one team across all the offices. No working day is ever the same. We are hard negotiators which means I often put in extra hours and get involved in some big deals – it’s always rewarding when you get those over the line! Client-focused I believe Mogers Drewett isn’t like other firms in the region. Behind the door is a modern, flexible firm that puts clients first. Sometimes that means travelling to a client’s office or flexing the nine to five day so that we can achieve the best, most positive outcome. Our clients enjoy working with us because we understand their needs and invest the time in building long term relationships. Everyone has preconceived ideas of what law firms are like but Mogers Drewett is anything but stuffy! It has provided me with excellent career opportunities and is a really positive and professional place to work. www.mogersdrewett.com

Call Marie Maggs, Tom Hulett or Mike Wilcox on 01225 445507 to arrange a no-obligation meeting

THEBATHMAG.CO.UK

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MAY 2019

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TheBATHMAgAzine 65

Profile for MC Publishing Limited

The Bath Magazine May 2019  

The Bath Magazine is Bath’s biggest monthly guide to life and living in the city of Bath

The Bath Magazine May 2019  

The Bath Magazine is Bath’s biggest monthly guide to life and living in the city of Bath