11 Jul 2018
The publication of the draft Finance Bill 2018-19 includes legislation to change the way the rent-a-room relief scheme works. Following last year's Budget, a consultation was launched by HM Treasury to examine the design of the rent-a-room scheme.
When the relief was first launched it was intended to be used where one bedroom in a house was rented out to a lodger for medium to long-term lets, however this has changed as more and more people rent out rooms online for short term lets using property portals and apps (such as AirBnB).
The new legislation will introduce a new test that must be satisfied in order to be eligible for the relief. The test requires that the individual or individuals in receipt of rental income, need to share occupancy of the residence for all, or part of the period, of occupation which gives rise to the receipts. This change will mean that the relief will not be available if the owner is absent for the whole period that they sub-let rooms.
If an individual lets their house and is away for only part of the rental period, then the rental would be eligible for rent-a-room relief. The initial consultation also suggested the removal of relief for rentals of less than 30 days. However, this measure has not been included in the new legislation. The changes are expected to come into force from April 2019.
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Regent Square Estates
Mr J McCarthy
NPD Design Consultants Ltd
Mary Keeley - Mary Keeley Consultancy
Paul Stanley. A S Contracts Ltd.
Andrew Knight. The Howard Arms Ilmington
Dean. Wootton IT
Proco Coatings & Laminates
© Copyright 2019 Grenfell James Associates
Website designed by IO Studios