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Summary detailing the 2018 – 2019 Tax Changes

There are some major changes to taxpayer liabilities for the 2018 – 2019 tax year which it is worth being aware of. Many earners will see their take home pay rise, but savers and landlords will lose out. Homeowners will now be able to leave more to close relatives without paying inheritance tax and Scotland now has a different income tax rate structure to the rest of the UK. To help you understand the changes, Everfair Tax have summarised the main points for you. Personal Allowances The amount you can earn without paying income tax, known as the personal allowance, has risen from £11,500 to £11,850. Income Tax Basic rate tax remains at 20%, with the 40% tax starting at the higher amount o

Can I use the Rent-a-Room tax relief and Property Income Allowance?

Capped at 7,500 per year, the rent-a-room tax relief allows you to let a furnished room in your main residence and be exempt from paying tax on the rental income. However, there are some restrictions and the rent–a–room allowance only applies to rooms being let for residential accommodation and does not apply to a room that may be used as an office or for storage. The good news is that there is a new letting allowance available that gives you more ways to maximise your tax efficiency. Providing total rent does not exceeded £1,000 per year, rental income that does not qualify for rent-a-room allowance can now also be tax free. Should your letting provide you with income in excess of £1,000

Take care when choosing your Tax Advisor

At Everfair Tax we pride ourselves on having client relationships that last for many years and it is important that your tax advisor is someone that you trust and who understands your needs. Knowing how to choose a well-qualified and competent advisor, whilst ensuring that they have the necessary experience is essential. Be sure to base your decision on a recommendation or references, as well as your impression from the initial conversation, with cost being a secondary consideration. Bear in mind that incorrect or out- of-date tax advice can be very costly later down the line and the cheapest advisor will not always provide the best service. Client service has always comes first and is of th

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