The UK Chancellor announced today he is working on new plans to cut the tax bills of thousands of ‘self-starters’ who share their homes to pay the bills. Under the new plans, Airbnb hosts can earn £1,000 tax free additional income by sharing their homes, without having to declare it. The announcement was made as part of the annual budget statement today, along with similar plans to support regular people who make additional income selling through online marketplaces. Chancellor George Osborne said 700,000 UK residents, most of them on basic rate income tax, will benefit from the plans. Here’s what he said: …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...
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