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…
Renting out a room Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation. In return, the recipient is able to earn up to £7,500 a year tax-free. Plans to restrict the relief so that it was only available where the occupation by…
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil partner to transfer 10% of their personal allowance (rounded up to the nearest…
Do you earn over £100k? Read our latest blog to see if you can keep your entitlement to the personal allowance
Abatement of the personal allowance Not all taxpayers are able to benefit from the personal allowance – once income exceeds £100,000 the allowance is gradually reduced until it is eliminated in full. However, there are steps which can be taken to reduce income and preserve entitlement to the personal allowance. The personal allowance is set…
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- Trivial benefit traps – Contractual obligations
- Reporting low emission vehicles – Changes from April 2020
- Properties not let at a commercial rent
- Freeagent Bronze Partner Status
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Did you know?
Did you know you can rent a room in your home tax free? You can rent out a room of your main home (that you live in) and receive up to £7500 per year tax free.
That’s £625 per month or £144 per week.
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