From April 2017, there will be 2 new allowances – one for selling goods or providing services and the other for income from property you own. Both are £1,000 and you can claim both of them.
It’s important these are not in any way classed as trades. Here are some practical examples:
- Land and property – renting part of your garden or say a spare garage for storage
- Goods and services – selling goods you have made online on websites such as Ebay
Technically until 5 April 2017, this income should be declared. Don’t forget that this also sits over and above the rent a room relief which is currently £7,500, so its fine to have a lodger too within this scheme! More details can be found by following this link.
If you have any questions or need to talk to us about your allowances, please give me a call, or contact us through the website