The UK’s sharing economy is set to benefit hugely from the Chancellor’s new plans to further cut the tax bill to the thousands of ‘self starters’ who currently share their homes.Under the new plans, hosts will be able to earn a further £1,000 tax free income by sharing their homes without having to declare it.The announcement was made within last week’s budget by chancellor George Osborne:“…we’re going to help the new world of micro-entrepreneurs who sell services online or rent out their homes through the internet. Our tax system should be helping these people so I’m introducing two new tax-free allowances each worth £1,000 a year, for both trading and property income. There will be no forms to fill in, no tax to pay – it’s a tax break for the digital age and at least half a million people will benefit. ”It will come as fantastic news to hosts using Houst’s services and further adds to the‘Rent a room’ tax relief which was announced last year and comes into force next month. From April 2016 the first £7,500 of income will be tax free, in a bid to encourage more people to open their homes and join the sharing revolution.2016 looks like an exciting year for the sharing community, with numbers rising rapidly in 2015 and over 40,000 properties currently available in London alone, now has never been a better time to start sharing.If you'd like to unlock the value in your home, try our clever calculator below and see how much your home could earn you!
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