January questions and answers

2019-09-01T11:57:58+01:00January 29th, 2017|Categories: Questions & Answers|Tags: , , , |

Q. I am thinking of renting out a small outbuilding that I own to a friend so that he can store his work equipment in it when he's not using it. The rent is likely to be less than £1,000 a year. Will I have to declare this income to HMRC on a self-assessment return? My tax affairs are quite straight-forward - I am employed and currently I don't need to send in a tax return. A. Two new annual tax allowances of £1,000 each are being introduced from April 2017. One allowance is for trading income and the [...]