Renting out a room

tegai1

Hi all,
I’m thinking of renting a room out from my house which I live in. What’s involved in this?
Do I need to declare this as an income? (How do I do this?)
Do I need to give them a contract?
The chances are they will require invoices/receipts, is there anything I should know regarding this?
Any other tips you might want to share would be very much appreciated :j
Thanks

Jowo_2

There is a government rent a room scheme that has a tax free limit to it.

It is very important not just to have a written contract but to undertake screening on them (employer reference, previous landlord ref, credit check), to get permission from your mortgage lender and insurerer.

http://www.landlordzone.co.uk/lodgers_rent-a-room.htm
http://www.landlordzone.co.uk/lodgers_questions_&_answers.htm

Have a search on this forum using the keyword 'lodger' as there is plenty of info on how to choose lodgers and manage the letting.

G_M

Government site for rent a room scheme.

Take a deposit! (say, 4 weeks if you charge weekly?) - and give them a receipt obviously. You don't need special paper. Just put the address, "Received the sum of £xx ", what the money is for, date and sign it.