3:32 PM rent a home | ||||
#Rent a room in your home. 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. This is halved if you share the income with your partner or someone else. You can let out a room or an entire floor. How it worksThe tax exemption is automatic if you earn less than the threshold. This means you don’t need to do anything. You must complete a tax return if you earn more than the threshold. You can then opt into the scheme and claim your tax-free allowance. You do this on your tax return. You can choose not to opt into the scheme and instead record your income and expenses on the property pages of your tax return. More informationRead the Rent a Room helpsheet for more detailed information on how to complete the form, and when it makes sense to opt out of the scheme.
| ||||
|
Total comments: 0 | |