Good news for budding money makers. From April 2017 new tax breaks introduced by the chancellor George Osborne will come into play. Individuals with property or a trading income (such as online selling) won’t need to declare tax on the first £1000 they earn from each source of income per year. If they earn more than £1000 they will need to declare the earnings, but they will still benefit by deducting the £1000 allowance first.
The new rules are there to encourage more people to become ‘micro-entrepreneurs’, which is an expanding trend due to the rapid growth of the digital and sharing economy. It’s now easier for more and more people to make extra money without the need to understand complex tax rules or the need to fill out arduous forms.
Airbnb have applauded the changes saying ‘This is good news for the growing number of Airbnb hosts in the UK who are sharing their homes, earning a little extra money to pay their bills and bringing new economic benefits to their communities.’
Despite the focus being placed on digital entrepreneurs, it is not explicitly targeted at online businesses; it is aimed at the wider self-employed audience. This can include anyone who supplements their income through selling or renting their goods, or who provide a service to others.
Remember, with Monese you get to have full control of your finances. With the Monese app you can send and receive money in real time, no waiting. You can make currency transfers for only 0.5% above the mid-market rate; which is one of the best rates available. Getting money into your Monese account is also easy. You can receive bank transfers direct to your account or you can can deposit cash at one of the 28,000 Paypoint locations across the country. You can also manage your money wherever you are with our intuitive mobile app. Make payments, check your up-to-date balance, review your transactions, get paid to invite friends – plus much more.
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