Want to rent a spare room out but not sure about tax

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Friday 6 July 2018 5.02pm
Hi! I want to rent out a spare room I have in my property, but I am a little unsure about what tax I would have to pay on that money. I've read about some tax law that means I can rent out a room and not pay tax on the income but I can't find that page again so not sure about it. At the price I'm looking at, it would put my income over the basic tax and into the higher rate - see here. I'm not sure whether to be worried or not? I just don't want the room to go to waste, and recouping some of the rent would be nice :)

Friday 13 July 2018 7.05am
You can earn 7,500 a year without paying tax in the Rent a Room scheme.
Friday 13 July 2018 7.06am
Rent a room scheme allows you to earn 7,500 without paying tax, but a room in much of SE1 will let for more than this.


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