Go for Olympic gold by letting out rooms tax-free

by Property118.com News Team

18:48 PM, 15th March 2011
About 8 years ago

Go for Olympic gold by letting out rooms tax-free

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Go for Olympic gold by letting out rooms tax-free

Householders can scoop their own Olympic gold by renting out rooms tax-free to visitors to the 2012 London games.

Under the rent-a-room scheme anyone renting out rooms in their home can earn up to £4,250 a year tax free.

With accommodation at a premium in London for the 2012 Olympic Games, that’s a real incentive to rake in some extra cash.

Anyone can claim the tax break, providing they are renting out one or more furnished rooms in the home where they live to a lodger.

The rules say the homeowner does not have to provide meals or other services, but has to share family rooms with their guests.

The scheme applies to tenants renting their home and homeowners.

Free tax briefings for rent-a-room landlords

If someone rents out their entire home or a self-contained flat, the tax break does not apply.

Householders who want to take advantage of the rent-a-room scheme can sign up for free with HM Revenue and Customs tax briefings around the country.

The Olympics will take place at 33 venues around the country including London; Coventry; Windsor; Hadleigh, Essex; Glasgow; Cardiff; Manchester; Newcastle-upon-Tyne and Weymouth.

The Games run from July 27 until August 12, followed by the paralympics from August 29 to September 9.

The next tax briefing is on June 17 at St John’s Church, Broadway, Stratford, London. The event runs for around three hours, starting at 10 am.

Places for all of the seminars need to be booked in advance on 0845 603 2691 (open from 08:30 to 17:00, Monday to Friday) or at www.hmrc.gov.uk/bst.

Furnished holiday homes need an energy performance certificate (EPC) from June 30 – providing the owner intends to let the property for four months or more in any 12 month period.



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