TAX TIPS and NEWS

Retirement Living Standards
News

The Retirement Living Standards

The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree’s basic needs plus enough for some social activities, such as a week of holiday in the UK, eating out once a month, but not including running a car.

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rent-a-room tax break
Tax Tips

The rent-a-room tax break

HMRC’s rent-a-room scheme is an optional exemption scheme, which allows individuals to receive up to £7,500 of tax-free gross income (income before expenses) from renting out spare rooms in their only or main home.

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Tax Tips

Vat on Serviced Accommodation from 6th Oct 2021

From 6 October 2021, VAT chargeable on Service Accommodation, hotels and travel accommodation in UK has gone up to 12.5% from 5%

This rate will be applicable to 31 March 2022, thereafter the rate will revert to 20%.

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