If you have a spare room in your house that you were thinking about letting out to someone, this may help with your decision. The first £7,500 earned from renting out a room in your house is tax free each year.
Click here to see HMRC’s guidance on rent a room relief.
For tax advice, call the team at Holmes and Company on 01525 851101 or contact us here
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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