Take in a lodger... official MoneySavingExpert.com discussion

hayley57

Thank you Katejo that helps

fluffpot

If you are lucky enough to live in a tourist destination, then consider using Airbnb for short terms lets. We have had numerous lodgers over the years, but wanted something a bit less long term - this is working out really well for us - you can charge higher rates and guests generally are only with you for up to a week. B and B is covered under the Rent a room scheme, so tax free up to the stated limit

I've also been very impressed with Airbnb - website is very professional, payment is prompt, you can control your availability calendar and not take guests you don't like the look of (although all of ours have been lovely so far!). The charge to you is 3% - guest pay the bigger fee. Airbnb also hold a security deposit from the guests

BTW I don't work for Airbnb!

jordylass

I can 2nd this, I've been with them for over 2 years, as I live in London I tend to have guests quite frequently from there and never had any problems with airbnb. They improved safety for guests and hosts about 6 months ago and since then their customer service in the UK has been excellent.

Tina20

Just out of curiosity, how do you ensure your valuables are safe from the lodgers/their friends? Do you have a locked cupboard with valuables in? Or a safe?

Would you put a lock on your bedroom door to ensure privacy when you leave them in the house alone?

Just interested

jordylass

I don't do anything and had loads of guests, both paying and couchsurfers, they always have a key and come and go as they please. I suppose something could happen but I chose to think people are generally good, and so far they have been. Airbnb have a huge host guarantee insurance if you have guests from there.

suzymummy

I have just started having foreign students. I didn't actually consider whether I would have to pay tax etc. I am currently a homemaker but get carers allowance for my son who is on DLA. Will this extra income effect that?? Or can my husband receive the money. We will have the students for 5weeks and get approx £1000. EF school who the students are from are no help and say tax etc is up to us to deal with??!!

shmeeko69

I had two lodgers in my home back in the 90's and charged £50 for the large room and £40 for the smaller room. I only had to get a tenancy agreement organised through my lawyer and that was it. I don't remember much about the insurance forms with regards to tenants, but I suppose thing have changed in the past decade or so with regards to letting out rooms. I would imagine it would be more difficult in getting insurance now for room letting than it was 15 years ago, as they have really clamped down on those sort of things, but always a financial route worth considering.

sarahemmm

suzymummy wrote: »

I didn't actually consider whether I would have to pay tax etc. ... We will have the students for 5weeks and get approx £1000.

As far as tax is concerned, you can let up to two rooms and have income of up to £4250/year on the HMRC Rent A Room scheme. You don't normally need to declare it on your tax return; I don't know if there would be any effect on your carer's allowance, though. Google for HMRC rent a room.

492800

Hiya lovely forumers,

I am planning to rent out a spare room, it's central london, where I can charge £8400 a year (£700 a month) for my spare room.

Since this is £4150 over the allowance, I presume I would only pay TAX on the excess.
And I would NOT pay TAX on the whole amount?

Am I correct in thinking that if I do charge £8400 a year, I would pay £1660 in tax.
(btw, I Pay 40% Tax)

Therefore pocketing £6740.

Is this correct?

Lizzie145

I think the rule about TV licenses is if they have their own locked door then they need their own tv licence (eg unversity halls) if not then yours should cover fine.