Are you thinking about renting a room in your own home in Kettering?
The Rent a Room Scheme lets you earn up to £7,500 per household, per year, Tax Free from letting out furnished accommodation in your house.
Local Kettering accountant Simon Laskey says;
'If your income from renting a room is less than £7,500 then you are automatically exempt from tax and you do not need to declare anything. If your income is more than £7,500 then you will need to file a Tax Return each year to claim this relief.
You can even use the scheme if you run a guest house or bed and breakfast business, although consideration needs to be given to how suitable this is in comparison to declaring your trading profit'.
The key things to remember are that the room/s that you let must be part of your own home, must be furnished and must be in the UK.
Check out information with Simon here.
