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 theContinue reading “Rent a Room Relief”
Tag Archives: tax
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 youContinue reading “Simplified motor expenses for sole traders and partnerships”
The Accountant’s Blog 