Tax – Is it OK to make money from sharing?

March 28th, 2017

We all love paying taxes don’t we…?

Well here is some great news!  In the 2016 budget the UK Government recognised the importance of the sharing economy and from April 2017 the worlds first ever sharing economy tax break will come into force.

“People who make extra cash by renting a room out on Airbnb, or through odd jobs and sharing items on sites (like Borroclub) will benefit from two new £1,000 tax breaks from April 2017”.

One allowance will apply to those who earn extra income through occasional jobs e.g. activities like giving lifts in their car, sharing power tools.  A second allowance will apply to property-related income, for example, through renting out a room, driveway or loft storage.

These new allowances mean that from April 2017 you won’t have to declare the first £1,000 earned through each source.

By introducing this tax incentive, the government are recognising the positive contribution the sharing economy is making on the local community as well as the environment.  At last there is a real incentive for everyone to get involved and become the ‘micro-entrepreneurs’ of the future.

Go on become a “micro entrepreneur” with Borroclub our best performing lender made over £500 last year, now all of that income is now tax free!

Now is the time to start listing your items on Borroclub, its safe and YOU can earn some top up income TAX FREE.  Click “Share Your Stuff” now to start earning.

By the way here is a link to the the HMRC website if you want to know more info, see point 10.  Link here.

All the best

Matt

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