Welcome to My New Accounting Blog
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Featured
My First Blog Post
Be yourself; Everyone else is already taken. — Oscar Wilde. This is the first post on my new blog. I’m just getting this new blog going, so stay tuned for more. Subscribe below to get notified when I post new updates.
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Rent a Room Relief
If you sub-let a furnished room within your home to a lodger, the ‘Rent a Room’ scheme is well worth looking in to. The scheme allows the homeowner to receive up to £7,500 tax-free rental income if certain conditions are met. The annual limit for the tax years 2018/19 and 2019/20 is £7,500. If the… Read more
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Simplified motor expenses for sole traders and partnerships
Are you a sole proprietor or member of a partnership? HMRC allow an array of business expenses to be deducted from your income to arrive at your taxable profits. The detailed list and guidance can be found by clicking on the following link (https://www.gov.uk/expenses-if-youre-self-employed). HMRC provide a simplification of some expenses. This means that you… Read more
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