Pro-Taxman

Tax

A quick guide on how to manage costs and expenses as a work from home landlord

Managing a rental business from home A landlord will often manage their property rental business from home, and in doing so will incur additional household expenses, such as additional electricity and gas, additional cleaning costs, etc. As with other expenses, the landlord can claim a deduction for these when working out the profits of the …

A quick guide on how to manage costs and expenses as a work from home landlord Read More »

Here’s how to earn tax-free money through doing something you love.

Spare time earnings may be tax-free The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the 2017/18 tax year onwards. In broad terms, the allowance means that individuals with trading income below the annual threshold may not need to report it to HMRC and may not …

Here’s how to earn tax-free money through doing something you love. Read More »

Would you rent out a property as a long-term rental or holiday let?

Where a property is located in a holiday region, a consideration will be whether to let it as a holiday let or on a longer-term basis. As well as differing rental income profiles, there are tax differences to consider. Furnished holiday lets From a tax perspective, special rules apply to furnished holiday lets, which provide …

Would you rent out a property as a long-term rental or holiday let? Read More »

Don’t pay for expenses that your employer should be paying for – here’s how and when to claim a tax deduction.

Employees – claim a tax deduction for expenses Employees often incur expenses in doing their job – this may be the cost of a train ticket or petrol to visit a supplier, or purchasing stationery or small tools which are used in their job. Employers will frequently reimburse the employee for any expenses that they …

Don’t pay for expenses that your employer should be paying for – here’s how and when to claim a tax deduction. Read More »