Most people will know that certain costs can be expensed against your sole-trading revenue or income to reduce taxable profits and ultimately reduce your tax liability and help you save tax. Here is a helpful guide to allowable business expenses that HMRC will normally allow. The Inspector of Taxes (HMRC) will allow revenue expenditure as…
Read MoreMonth: December 2016
Earn £7,500 tax free – Rent a room Relief
If you have a spare room in your home (applies to tenants also) and you don’t mind living with someone who is not family (of course, you can vet them first!) then you could be earning up to £7,500 completely tax free. The government Rent a Room Scheme lets you earn up to a threshold of £7,500…
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