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August 2022

Tax Diary September/October 2022

Tax Diary September/October 2022

Do I qualify for Rent-A-Room Tax Relief?

The Rent a Room Scheme lets you earn up to a threshold of £7,500 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.

Struggling to keep up with inflation? Here’s how to stay on top of your finances

To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high.

How to save £2,000 in tax-free income

There is no tax to pay on trading income or earnings from land and property as long as the income from each of these two sources does not exceed £1,000.

What are Allowable Business Expenses?

If you’re a sole trader running a small business, it is safe to say that you’ll be incurring business expenses.

Extension to the recovery loan scheme from August 2022

The government has announced an extension to the Recovery Loan Scheme (RLS) from August 2022.

Employer PAYE to be payable by Direct Debit

From mid-September, HMRC is set to introduce a recurring direct debit option for employers using the PAYE system.