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This tax relief was introduced in 1992 to increase the availability of low cost accommodation for tenants, but the rental market has changed a lot since then. There is high awareness of rent-a-room relief, but also a lot of confusion about when it can apply.
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The 2016/17 tax return season was plagued by issues with tax software, which prevented many tax returns from being filed online. The HMRC computer will issue a late filing penalty for a paper return received after 31 October unless there has been some manual intervention.
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Making tax digital will happen, it hasn’t been derailed by the delay announced in July 2017. VAT registered businesses (with some exceptions) need to prepare to meet their MTD reporting obligations for VAT periods beginning on and after 1 April 2019.
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This legislation puts down a deadline of 30 September 2018 to make a declaration of income tax, CGT or IHT liabilities involving an offshore matter or offshore transfer, which arose before 6 April 2017. The deadlines for assessing offshore-related tax for those periods have been extended to 5 April 2021, but how far back HMRC can go depends on whether the omission was deliberate, careless or was made with due care.
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Many landlords have transferred their residential property portfolios into companies that they control, to avoid the restriction on interest deductions which came into force on 6 April 2017. If any of those residential properties were worth over £500,000, on the day the company completed the purchase, an ATED liability or reporting requirement arises.
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Parents need to provide financial support for their children at university, as students in no longer receive a maintenance grant. The student can apply for a maintenance loan, but the amount they get is dependent on their parents’ income. Students in Scotland and Wales can apply for a bursary or a learning grant.
