Did you know that the Rent a Room Scheme could earn you up to £4,250 tax-free income a year?

You can rent out just one room or an entire floor of your home. These have to be furnished and the space must be in your only or main home.

You can opt in to the scheme at any time if you are:

A resident landlord, whether or not you own your home.
Run a bed and breakfast or a guest house.
Let a furnished room to a lodger.

You are also able to opt-in if your letting activity amounts to a trade, for example, if you run a guest house or bed and breakfast business, or provide services, such as meals and cleaning.

You can’t use the scheme if the accommodation is:

– Not part of your main home when you let it.
– Not furnished.
– Used as an office or for any business – you can use the scheme if your lodger works in your home in the evening or at weekends or is a student who is provided with study facilities.
– In your UK home and is let while you live abroad.
– The whole of your home, rather than a part of it.
– If your home is converted into separate flats.

Sounds like a good idea? Speak to us to make sure the Rent a Room Scheme would work for you.