tax allowances / 1 posts found

Tax-free property and trading allowances

by mike tombs
in Tax
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Since April 2017, you can earn £1,000 from a trading activity and £1,000 of property related income, without being liable to income tax. These tax-free allowances on property and trading income are useful as families can generate an extra £2,000 a year of income without increasing their tax bills. Obviously, these small amounts will not be a replacement for your day-job, but they do contribute to financing your monthly bills.   What property income could this cover? You could rent out: your drive as a parking space if you live in an area where parking spaces are at a premium, [...]