Rental Income

Please find below all the articles that have been tagged as 'Rental Income'.

Rent a Room

Monday, August 3, 2015

In the Summer Budget 2015, the government announced that the level of rent-a-room relief will be increased from the current level of £4,250 to £7,500 from April 2016. This means that from 6 April 2016, an individual will be able to receive up to £7,500 tax-free income from renting out a room or rooms in their only or main residential property. The relief also covers bed and breakfast receipts as long as the rooms are in the landlord’s main residence.

To qualify under the rent-a-room scheme, the accommodation has…

What Tax Rate do you Pay?

Friday, April 24, 2015

A question we are often asked is, how can I reduce my tax bill?

A simple question on the face of it, but how simple is the UK tax system?

An income taxpayer might reasonably assume that there are only three rates of tax within the UK, basic rate tax at 20%, higher rate tax at 40% and the additional rate at 45%, and they would technically be correct. However the reality of the UK tax system is that your personal circumstances…

HMRC Launch South Wales Property Taskforce

Wednesday, October 1, 2014

HMRC has this month launched new specialist taskforces designed to target individuals who have not declared rental income or capital gains on property disposals in the South West and South Wales.

The taskforces are part of the Government’s campaign to tackle tax evasion and fraud. HMRC aims to raise an additional £7bn each year through the various taskforces it has launched since May 2011.

It is important to note that the targeting of sectors is not an amnesty and unlike some…