Rent your spare room!
Cash earning potential: £4,250 tax free!!!!.
If you’re a home owner with a spare room going then renting out your room is most definitely the fastest and easiest way to make some quick and regular cash with the added bonus that it could be tax-free!
The government’s Rent a Room Scheme allows you to rent out a furnished room for up to £4250 tax free. If you don’t fill out a tax return normally then as long as the total rental income is under the threshold of £4250, you don’t have to declare anything. There is nothing stopping you renting your room or empty property for more although you would be liable to complete a tax return declaring the full income you earn if it exceeds the threshold. For more information on the scheme, tax and tips on how to advertise your spare room checkout: www.direct.gov.uk www.spareroom.co.uk and www.rentnotbuy.co.uk
Alternatively, if you can provide a friendly home environment and are willing to help a foreign student learn about British culture and improve their English language skills then why not offer your spare room for rent through a homestay accommodation scheme with an English Language School. You can earn between £75 to £200 depending on the type and size of your property and whether you are willing to provide additional services such as meals and laundry. You have the piece of mind that the school will handle the admin of placing the student. Most of the English Language schools will have certain requirements you and your property may need to meet before they accept you onto their listings.
Currently Frances King and the London School of English [www.francesking.co.uk www.londonschool.com] are both accepting email enquiries to become homestay hosts and you can learn more about what becoming a host involves from www.londonhomestays.com
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