Making the most of your home in the bad times

Rent a Room Scheme …

is a government initiative where home-owners can rent out a spare room (or even a floor of their house) and receive up to £4,250 a year tax-free (or £2,150 if letting jointly).

How the scheme works:

• This scheme is on offer if you decide to let a furnished room in your main home
• The lodger can occupy a single room or an entire floor of your home
• You can take advantage of this scheme even if you are renting the property – however, check with your lease to make sure you’re allowed to take a lodger
• If you’re a home-owner, double check with your mortgage and insurance terms and conditions to see if you’re able to take on a lodger

Advantages & Disadvantages:

• Rent a room scheme can apply to businesses such as bed & breakfasts, guest houses, catering and cleaning services used as part of a letting business
• If you charge for additional services (e.g. laundry services, meals etc) then these expenses will need to be added to your receipts and if these come over the £4,250 allowance, you’ll be required to pay tax
• If you share a home and are both renting rooms, you will each be entitled to half of the allowance (up to £2,125 per tax year) before you are required to pay tax
• If you use the Rent a Room scheme, you’ll not be allowed to claim any expenses relating the letting (e.g. wear and tear, repairs, heating, lighting etc)

How to opt in or out of the scheme:

• If you want to opt in and don’t normally receive a tax return and your receipts are below the tax-free thresholds for the scheme, the tax exemption is automatic so you don’t need to do anything
• If you wish to opt in and your receipts are above the tax-free threshold, you must tell your Tax Office - you can do this by completing a tax return and claiming the allowance
• If you want to opt out, complete a tax return within the usual deadline and declare the relevant lettings income and expenses on the property pages

For more details see www.directgov.co.uk or view the video at: http://www.directgov.coionline.tv/index.php?vid=rentaroomfilm

Have you made use of this scheme? Tell us your experiences.

Brunswick Festival, Hove

All the fun of the fair …

The Brunswick Festival comes to Brunswick Square, Hove for the 27th time on Saturday 16 & 17 August 2008.

There’s a whole host of free activities for all the family including live music, bric-a-brac and craft stalls.  Events start at 12 pm on Saturday and run until 6 pm both days.

The event is supported by a small team of local residents and volunteers (and local businesses’ financial support). 

I’m definitely going over to take a peek …  More later!

Eco-Friends in Worthing with Astins Brand New Homes

Taking a walk along the prom at Goring-By-Sea the other evening, past the greensward full of kitesurfers, family picnicers and people enjoying the last rays of sunlight on the pebbly beach at Goring-By-Sea, and the adjacent Yacht Club, I glimpsed upon the foundations of a new building under construction.  Astins brand new development is literally a stone’s throw from the beach, and close to the promenade which runs from Ferring to Worthing Town Centre.  Upon further investigation I discovered that the finished product is going to be a unique development of 7 apartments including a spectacular penthouse. 

My enquiries at Land & Brand New Homes revealed that this luxury beachfront development offers buyers a stunning and peaceful setting with easy access to modern amenities in Worthing, nearby Brighton & Hove and Chichester.

Its emphasis on eco-design and the attention to detail within each apartment is especially attractive to buyers who want to live or buy a second home on this part of the South coast with its reputed micro-climate.

The apartments boast enviable panoramic sea views and are being designed and styled to a very high specification.  From the interior design of the communal areas to the tranquil garden setting and the highest level of interior finishing and fixtures it is clear that Astins will raise the benchmark for luxury coastal living…

Prices have yet to be released but there are off-plan initiatives.  Nicki at Land & Brand New Homes is marketing the development and she can be contacted at Nicki.Keeley@landandbrandnewhomes.co.uk .