9:10 AM, 20th December 2012, About 9 years ago 3
EDITORS UPDATE 2017 – please note the ‘Rent A Room’ allowance is now £7,500 per annum
If you’re renting out a room or rooms in your own home, there’s a tax benefit that’s really worth investigating. It’s called the Rent a Room Scheme and offers live-in-landlords the chance to earn £4,250 in rent and services to lodgers before you need to pay any tax on those earnings.
Keen to find out more, we did some digging, and came across an excellent guide from SpareRoom.co.uk, who are experts in room rentals.
Their Rent a Room Scheme guide is the clearest explanation we have found to how the scheme works. It not only explains exactly what you have to do to benefit from the scheme but also why you might choose not to join it. You don’t have to learn the intricacies of tax law to understand it either 🙂
The guide explains the choice for landlords and clarifies how each scenario might benefit you as a landlord, and what practical steps you can take to make it work for you.
It’s uncommon to find a source of information which is as refreshingly down to earth, easy to understand and jargon-free as this guide. We’d recommend it to anyone who rents out rooms to lodgers, or is thinking of doing so.
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