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Income Tax on Exchange Students
Delboy24
Posts: 132 Forumite
Is it worth taking foreign exchange students in when you are full time employed and already being taxed on PAYE?
Is there any tax relief on this type of scheme available?
Am I right in thinking I would need to register self-employed as well to ensure you declare the extra income above existing earning or can you just tell the revenue and they will sort it for you?
Thanks
Is there any tax relief on this type of scheme available?
Am I right in thinking I would need to register self-employed as well to ensure you declare the extra income above existing earning or can you just tell the revenue and they will sort it for you?
Thanks
0
Comments
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If you mean letting a room as a lodger to a foreign student it should qualify the same as anyone else.
You get the first XX tax free. Can't remember the amount off hand.0 -
The first £4250 a year is tax free.
You can get all the information you need here
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_40178040
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