Last reviewed: November 2026 Under the rent-a-room scheme you can earn up to £7,500 a year tax-free by letting furnished accommodation in your own home. If you share the income with someone else, such as a partner, the limit is £3,750 each. Who can use it You let furnished accommodation in the home you live

The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence. Where a property is used partly for business and partly as a residence, the relief only applies to that part which is used as a residence. The gain relating to

As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available and the way that it is given depends on how the landlord prepares his or her accounts. We explain the rules. Cash basis The cash basis is the default basis

The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually reduces the personal allowance until it is lost. The taper applies when adjusted net income exceeds £100,000. It operates by reducing the personal allowance by £1 for every £2 by

Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a voluntary tax that can be avoided by giving away money during your lifetime, there is the practical issue that people need money to live on while they are alive. This