The annual Rent a Room limit has been increased for the tax year 2016/17 from £4,250 to £7,500 starting from 6 April 2016 which is attractive to owner-occupiers and tenants alike.
VAT can get very complicated when there are three parties involved in a transaction.
Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year.
Read September's Tax newsletter for the latest on Making Tax Digital, Stamp Duty, Inheritance Tax and VAT.
Following calls for evidence by the Treasury’s Office for Tax Simplification last year, there were intimations that the Chancellor would look at lowering the VAT threshold for his 2018 Budget.
November's Tax News round-up on issues affecting you and your business.
If your turnover is predicted to fall below £83,000 over the next year, you can voluntarily de-register for VAT. If your business ceases to trade you must de-register for VAT.