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Declaring income from Rent-a-Room
shinypenny
Posts: 24 Forumite
Hi all,
I have a quick question about declaring income from the Rent-a-Room Scheme.
My partner and I are both in the 20% income tax bracket. We understand we can earn £7,500 pa together free of tax each year.
We occasionally rent a furnished room in our family home (no other property) for much less than this amount.
Even an extra (7,500/2=) £3,750 would not put me into the higher earning tax bracket.
Do I have to do a tax return to advise them I've earned an extra £1,000 this past year, even though no tax is due?
Thanks all!
I have a quick question about declaring income from the Rent-a-Room Scheme.
My partner and I are both in the 20% income tax bracket. We understand we can earn £7,500 pa together free of tax each year.
We occasionally rent a furnished room in our family home (no other property) for much less than this amount.
Even an extra (7,500/2=) £3,750 would not put me into the higher earning tax bracket.
Do I have to do a tax return to advise them I've earned an extra £1,000 this past year, even though no tax is due?
Thanks all!
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