Renting out accommodation
during the Olympics? Don’t jump the gun - check whether there’s tax
to pay
With only about
500 days until the start of the 2012 Olympic Games, HM Revenue
& Customs (HMRC) is reminding anyone thinking of renting
out a spare room to visitors to check the Rent a Room Scheme first.
Under the scheme, you can receive up to £4,250 a year tax-free if
you rent out a furnished room in a residential property.
You can take advantage of the scheme if you let furnished
accommodation - a room or an entire floor of your home - to a
lodger who pays to live in your home, sometimes with meals
provided, and who occasionally shares the family rooms.
In addition, you can use the Rent a Room scheme if your home is
rented; you don’t have to be the owner.
The scheme does not apply, however, if your home is converted
into separate flats that you rent out, if you let unfurnished
rooms in your home, or if you let your whole home. In these cases
you need to declare the rental income to HMRC and pay tax in the
normal way.
Full details of the scheme can be found at:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
In the run-up to the Games HMRC will conduct free advice
sessions around the country on renting out property.
The next session is on 17 June at St John’s Church, Broadway,
Stratford, London. The event runs for around three hours, starting
at 10am.
Places for all of the seminars need to be booked in advance on
0845 603 2691 (open from 08:30 to 17:00, Monday to Friday) or at
www.hmrc.gov.uk/bst.
People can also find out where their nearest seminars are by
ringing the booking line.
Notes to Editors
1. There are some 33 Games venues:
Aquatics Centre (London); Athletes' Village (London);
Basketball Arena (London); BMX Circuit (London); City of Coventry
Stadium (Coventry); Earls Court (London); Eton Dorney (Windsor,
Berks); Eton Manor (London); ExCeL (London); Greenwich Park
(London); Hadleigh Farm (Essex); Hampden Park (Glasgow); Hampton
Court Palace (London); Handball Arena (London); Hockey Centre
(London); Horse Guards Parade (London); Hyde Park (London);
IBC/MPC (London); Lee Valley White Water Centre (Herts);
Lord's Cricket Ground (London); The Mall (London);
Millennium Stadium (Cardiff); North Greenwich Arena (London); Old
Trafford (Manchester); Olympic Stadium (London); The Royal
Artillery Barracks (London); St James' Park (Newcastle);
Velodrome (London); Water Polo Arena (London); Wembley Arena
(London); Wembley Stadium (London); Weymouth and Portland
(Dorset); Wimbledon (London).
2. Follow HMRC on Twitter @HMRCgovuk
NAT 18.11 Issued by HM Revenue & Customs
Press Office
Press enquiries only please contact:
Contacts:
HMRC Out of Hours
Phone: 07860 359544
NDS.HMRC@coi.gsi.gov.uk
Andrew Bennett
Phone: 020 7147 0051
andrew.bennett3@hmrc.gsi.gov.uk