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Archive:December 2016

Please find below all the articles from December 2016.

December Questions and Answers

Q. I live near the Millennium Coastal Path and I’m considering renting out my spare room via Air BnB to walkers and cyclists. Would this be considered a business and should tell the tax man?

A. Firstly, it is important that you make sure you have a freehold arrangement on your property. A recent tribunal ruled that a flat owner was breaking the terms of her leasehold contract by renting out a room this way, since her contract stipulated that hers was a private residence only.

If you have a…

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December key tax dates

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/12/2016

30 – Deadline for 2015/16 self assessment online returns to be filed if you are an employee and want tax underpaid to be collected by adjustment to your 2017/18 PAYE code (for underpayments of up to £3,000 only)

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December questions and answers

Q. My wife doesn’t work. Can she transfer her unused personal tax allowance to me?

A. Since April 2015, it has been possible for a spouse or civil partner who is not liable to income tax or not liable above the basic rate for a tax year, to transfer part of their personal allowance to their spouse or civil partner, provided that the recipient of the transfer is not liable to income tax above the basic rate.

The transferor’s personal allowance will be reduced by the same amount. For 2015/16…

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