Cash in on the Olympics

With the start of the 2012 Olympic Games around the corner London based folk could think about renting out a spare room to visitors.  If so check out the Rent a Room Scheme, which applies to anyone who lets furnished accommodation in a residential property.  Under the scheme, you can receive up to £4,250 a year tax-free.

To take advantage of the scheme you can let a furnished room (or even an entire floor of your home) to a lodger who pays to live in your home and, even if they have access to family rooms occasionally, that’s fine.

In addition, you can use the Rent a Room scheme if your home is rented; you don’t have to be the owner.  Full details of the scheme can be found at:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804

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