Employing family members It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps in the business. Their duties could, for example, include answering the phone, going to the bank, bookkeeping and other administrative tasks. The tax legislation specifies that ‘in…
Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business. The profit can be calculated by deducting allowable expenses from rental and other income of the property business. However, where it is beneficial to do so, the landlord can claim…
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Earning casual income and expecting it to be below £1000? You could claim £1,000 trading allowance meaning you will not have to register for self assessment. If you are already registered, you can deduct this from your gross income but can't deduct expenses.
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