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Ease debt by letting a room in your home - Tax Free
Thursday, September 6th, 2007For many people with debt management problems, a possible way to raise some extra money is to let a room in your home.
You can receive up to £4,250 per year tax free on top of your regular income - just over £80 per week. If you let the room for more than this, you will have to pay tax on it.
You can choose to take advantage of this tax break if you let furnished accommodation in your only or family home to a lodger. (Your only or family home is the one where you/your family live for most of the time.
For more information see rent a room scheme on direct.gov.uk.
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