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Great 'taking a lodger for beginners' Hunt
MSE_Jenny
Posts: 1,319 MSE Staff
If you need some extra cash, you can receive up to £4,250 a year tax-free on the Government’s Rent a Room scheme.
The ‘rent a room’ scheme means you can take in a lodger to live in a furnished room in your home, and it has a special exemption meaning you won’t have to pay tax on the first £4,250 you make each year. This is a huge tax break for most people and really ups the gain. Better still, as a landlord you’ll be expected to ask for a deposit and a month in advance, which means ready cash comes in quickly.
How much? You can take home £4, 250 without paying a penny of tax; if you've a desirable property and don't mind paying income tax on anything above this, you could easily add another £1,000.
Find out more: Read the Govt info on rent a room and then read other MoneySavers' top suggestions or add your own in the Take in a lodger thread
(read the Boost Your Income guide for more info). But where should you start when taking a lodger for the first time?
I want to tap MoneySavers for their tips on finding the perfect lodger, dealing with deposits and being a good landlord. Where should you advertise? What do you need to provide, eg, duvets, food etc?
Please post below to share your top tips.
The ‘rent a room’ scheme means you can take in a lodger to live in a furnished room in your home, and it has a special exemption meaning you won’t have to pay tax on the first £4,250 you make each year. This is a huge tax break for most people and really ups the gain. Better still, as a landlord you’ll be expected to ask for a deposit and a month in advance, which means ready cash comes in quickly.
How much? You can take home £4, 250 without paying a penny of tax; if you've a desirable property and don't mind paying income tax on anything above this, you could easily add another £1,000.
Find out more: Read the Govt info on rent a room and then read other MoneySavers' top suggestions or add your own in the Take in a lodger thread
(read the Boost Your Income guide for more info). But where should you start when taking a lodger for the first time?
I want to tap MoneySavers for their tips on finding the perfect lodger, dealing with deposits and being a good landlord. Where should you advertise? What do you need to provide, eg, duvets, food etc?
Please post below to share your top tips.
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