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| Are you renting out a room in your only or main home? |
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If you are, make sure that you are claiming the relief.
Room lettings from your home are exempt from tax to a value of £4250. So if you earn say £5000 from room rent only £750 will fall for tax (£5000- £4250). The taxpayer can, if it is beneficial and in the event that the income is greater than the maximum (£4250), pay tax on the gross income less a deduction for expenses.
Do also remember that even if any income derived from renting a room does not attract tax, the Revenue still need to be informed of this source of income. |
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