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Renting out a room/rooms during the Olympic Games (up to £4250 tax free)

Browntoa
Browntoa Posts: 49,622 Forumite
Part of the Furniture 10,000 Posts Name Dropper Photogenic
edited 27 January 2012 at 9:13AM in Boost your income
wondered if anyone was thinking of doing this ??


http://www.direct.gov.uk/en/Nl1/Newsroom/DG_195899

If you're considering renting out accommodation during the London 2012 Olympic Games, make sure you check whether you have to pay tax on the earnings. To find out, check the Rent a Room scheme on Directgov

Rent a Room scheme

Rent a Room







dg_10014160.jpg
Olympic events aren’t just being held in London, but across much of the UK. Some events will also be held as far afield as:
  • Coventry (City of Coventry Stadium)
  • Cardiff (Millennium Stadium)
  • Weymouth and Portland in Dorset
  • Glasgow (Hampden Park)
With people coming from all over the world to watch the Games, you might be thinking about renting out accommodation. If so, check the Rent a Room scheme first.
Under the Rent a Room scheme, you can receive up to £4,250 a year tax-free if you rent out a furnished room in a residential property.





For further information on the Rent a Room scheme, including what is and what isn’t covered, follow the link below. Face-to-face advice sessions

In the run-up to the Olympic Games, HM Revenue & Customs will hold free advice sessions around the country on renting out property.
Places for all of the seminars need to be booked in advance.
To book a place, and to find out where your nearest sessions is being held, call the booking line on 0845 603 2691 (open from 8:30 am to 5:00 pm, Monday to Friday).
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