Latest News

Lodging: What you need to know

13th June 2011

We share the websites and information you need to take in a lodger

 The government's Rent a Room initiative allows you to let out a room or a larger part of your home  

Good websites for would-be landlords and tenants: Spare Room (0845 644 4029begin_of_the_skype_highlighting              0845 644 4029   www.spareroom.com);

House Pals (0871 474 0108             0871 474 0108       www.housepals.co.uk); Flat Night Fever (020 8846 3278            020 8846 3278      www.flatnightfever.co.uk) or Monday to Friday (0845 130 5145       0845 130 5145       www.mondaytofriday.com).

The government’s Rent a Room initiativeallows you to let out a room or a larger part of your home – it must be furnished and can even be an entire floor, but it cannot be deemed to be a self-contained flat.

You can receive up to £4,250 tax-free;a figure that has not increased since 1997. If the rent exceeds that sum, you can choose between paying tax on the profit you make, or paying tax on the amount of rent above £4,250.

More details: www.hmrc.gov.ukand www.direct.gov.uk; HM Revenue & Customs leaflet IR150, Taxation of Rents – A Guide to Property Income

 

Source:  Telegraph 13/6/11