NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…Read More
Tag: Rental income
Self Assessment Tax Return How-To Guide by LeeP Accountants Peterborough
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…Read More
I Only Earn A Small Amount Of Rental Income (Inc. Airbnb Income)- Do I Have To Declare It?
I 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…Read More
Earn £7,500 tax free – Rent a room Relief
If 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…Read More