Who is likely to be affected Individuals that receive rental income on residential property in the UK or elsewhere and incur finance costs (such as mortgage interest), excluding where the property meets all the criteria to be a furnished holiday letting. General description of the measure This measure will restrict relief for finance costs on Read more about Restricting finance cost relief for individual landlords[…]
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. How it works The Read more about The Rent a Room Scheme[…]
You can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if you’re an individual landlord renting out residential property. This includes you if you’re: renting out a single property renting out multiple properties a specialist landlord, eg student or workforce rentals renting out a room in your main home Read more about Let Property Campaign – Gives residential landlords the opportunity to bring their tax affairs up to date[…]
State benefits that are taxable The most common benefits that you pay Income Tax on are: the State Pension Jobseeker’s Allowance Carer’s Allowance Employment and Support Allowance (contribution based) Incapacity Benefit (from the 29th week you get it) Bereavement Allowance pensions paid by the Industrial Death Benefit scheme Widowed Parent’s Allowance Widow’s pension Tax-free state Read more about List of Tax-free and taxable state benefits in UK[…]
In this particular trade the stylist as they are skilled people, the owner of the salon knows that it would be best for all the parties to stay as self employed to overcome the burdon of PAYE and VAT registration hurdles. HMRC even acknowledge the fact and have teamed up with the National Federation of Read more about The Barber, The Stylist & The Salon[…]