Hi, quick question to anyone in the know...
I've thinking about letting out a spare room in my house for 500 per month which is below the £7k annual threshold tax allowance.
But I have a flat which has a long term tenant and I pay tax on my income every year.
When I complete my tax return will I have to declare /mention the income from my lodger and if so, will it be accounted from in my personal allowance? Sorry if I'm not being clear, I mean I pay a certain amount of tax every year after my personal allowance has been taken into account. Would the lodging rent be part of the personal allowance or is it totally separate?
Thanks