The chancellor changed stamp duty rates on the Autumn Statement, but what is stamp duty and when do you have to pay it?
Stamp duty is sometimes described as a tax on buying property. But there are different forms of stamp duty, such as stamp duty on buying shares. The chancellor changed stamp duty rates and the way stamp duty is calculated, in his autumn statement. Find out how much stamp duty you may have to pay and when you pay it.
You can earn up to £4,250 a year tax free using the 'rent-a-room' scheme and take in a lodger.
Find out what the rent-a-room scheme means for your tax, mortgage, insurance and council tax.
If you’re looking for a way of bringing in some extra money, you might consider renting out a spare room. Under the tax-saving rules, you can rent out a room and receive up to £4,250 a year in rent (or around £354 a month) without paying tax, but the disadvantage is that you can't offset expenses against tax. If you want to charge more than £354 a month, you can still use the rent-a-room scheme - you just have to pay tax on the excess income.
What can you offset against tax if you rent out property?
If you own buy to let property, you can offset certain expenses against tax. Which ones?
If you rent out a property you’re likely to have to pay tax on the income you receive. But you can reduce your tax bill – legally – by offsetting certain expenses related to renting out your property against your tax bill. Not all expenses are allowed under HM Revenue and Customs rules, so it’s important you understand the rules.