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Get your records in order Record-keeping is a vital for every self-employed person. You have a range of legal obligations when it comes to record-keeping – but entirely apart from this, the Self Assessment process will be significantly easier if you have the relevant documents easily to hand, and organised in an effective way. The […]
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14 Nov '17A recent survey conducted by the MAS revealed that 18% of all home owners with mortgages didn’t realise that an increase in the bank of England interest rate might mean an increase in their mortgage repayments. With the recent 0.25% increase in the Bank of England (BoE) Interest rate coupled with further increases expected, what […]
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From April 2017 there were 2 new annual tax allowances for individuals of £1,000 each, one for trading and one for property income. The trading allowance will also apply to certain miscellaneous income from providing assets or services. Where the allowances cover all of an individual’s relevant income (before expenses) then they will no longer […]
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31 Aug '17In general, money you earn from hosting is income and will be subject to tax. However depending on the amount you earn from hosting, it may or may not need to be declared to HM Revenue & Customs. So what’s the current situation? If you’re renting out your entire or even just a room of […]
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30 May '17I have been asked this question many times and the answer is invariably the same – “As a UK resident with any rental income you most certainly do need to declare your rental income”. There is no such thing as a minimal level which HMRC would not be interested in. Whether you have to pay […]
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05 Dec '16If you have a spare room in your home (applies to tenants also) and you don’t mind living with someone who is not family (of course, you can vet them first!) then you could be earning up to £7,500 completely tax free. The government Rent a Room Scheme lets you earn up to a threshold of £7,500 […]
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