From: Sam J-effreys 
Newsgroups: uk.finance
Subject: Re: Re income tax liability
Date: Sat, 25 Nov 2006 13:48:17 +0000

On Wed, 22 Nov 2006 23:32:17 -0000, "tim\(yet another new home\)"
 wrote:

>
>"Sam J-effreys"  wrote in message 
>news:b6k9m2l7pfus27hfkr1s2fhpccd3q46648@4ax.com...
>>I gather the maximum profit I can make from any venture is £5035 pa
>> without being liable for income tax.
>>
>> So, if I let out part of my house and make £5000 profit from it, I
>> won't have to pay any income tax.
>
>If you let out part of your house you can get rent-a-room relief.

Thank you for the tip. 

Please tell me if I understand this correctly:

I can rent a room for £4,250 p.a. (tax free) AND make up to £5035
profit, p.a. from my other enterprise, tax-free. That's £9285 p.a.
income, that's exempt from income tax, yes?

TIA

Sam J.