London SE1 community website

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

Join in these discussions today! Log in or register.
Friday 6 July 2018 6.02pm
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 :)

Cheers!
Friday 13 July 2018 8.05am
You can earn 7,500 a year without paying tax in the Rent a Room scheme.
Link.
Friday 13 July 2018 8.06am
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.

https://www.moneyadviceservice.org.uk/en/articles/rent-a-room-scheme-how-it-works-and-tax-rules

To post a message, please log in or register..
September at a glance
Keep up with SE1 news

We have three email newsletters for you to choose from:

We are part of
Independent Community News Network
Email newsletter

For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.

7,000+ locals read it every week. Can you afford to miss out?

Read the latest issue before signing up

Also on the forum
Views expressed in this discussion forum are those of the contributors and may not reflect the editorial policy of this website. Please read our terms and conditions