UK Tax
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Answered in 34 minutes by:
7/9/2015
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 8,815
Experience: FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
VerifiedHello and welcome to the site. Thank you for your question.
You should separate the two incomes as one is income as self employed tutor and the second is income from property.
The Rent a Room Scheme lets you earn up to a threshold of £4,250 per year tax-free from letting out furnished accommodation in your home. More information on this can be found here.
https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme
In his latest Budget the Chancellor has increased rent-a-room relief to £7,500 wef 6 Apr 2016.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
You should separate the two incomes as one is income as self employed tutor and the second is income from property.
The Rent a Room Scheme lets you earn up to a threshold of £4,250 per year tax-free from letting out furnished accommodation in your home. More information on this can be found here.
https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme
In his latest Budget the Chancellor has increased rent-a-room relief to £7,500 wef 6 Apr 2016.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
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