Money Too Tight Then Make £4,250 Each Year Tax Free
If money too tight then consider ”Renting a Room’ to help pay your household bills. My view is that when times are hard and uncertain as they are currently. Then we all need to consider the different opportunities available to us. If you are struggling to pay your bills then this is an opportunity worth considering. Taking full advantage of our resources in order to make a passive income from any asset that we own is worthy of deep consideration. So if you have a bedroom that is empty and not occupied and you are struggling to pay your mortgage or your bills. So if money too tight in your home,then you should really consider renting out a bedroom for a passive income cit could help by taking the pressure off your finance and possibly keep you out of debt and with a roof over your own head.
If money too tight then consider ”Renting a Room’
Taking in a lodger can be inconvenient but compared with being in debt and possibly losing your home because you cannot pay the mortgage is tragic – all because money too tight to mention. There is a tax break for renting a bedroom out to a lodger. This tax-free break means that you can rent a furnished room in your home to a lodger for £81.73 per week or £4,250 per year without paying tax on the income.
There is a special exemption within the tax regulations that allows the first £4,250 earned from renting out a room in your home to be tax-free. If you have an up-market home then you could of course charge more per week or year and you would only be liable to pay tax on any earnings above £4,250 per year. You should take a deposit from your new lodger and a months’ rent upfront and write down your terms and conditions of renting a room out. I would ask a solicitor to draw up my agreement to cover myself, my home and family.
If money too tight for you then here are websites around that advertise ‘rent a room’ or ‘house shares’ if you are struggling to find a lodger. The best way to find a lodger is to ask people you already know like friends, family, workmates, club members, members of your church congregation, etc. Make sure that you take references and do carry out due diligence on anybody that you are thinking of allowing into your home as a lodger. You don’t want to let the Axe Murderer in do you?
If money too tight then consider all options
There are government websites and the citizen’s advice service, where you can find out more information about renting a room in your home. Please check each year to see that this special tax exemption has not changed. It’s not the best solution, but if it means that you can ride out this eminent recession then it is worth considering. Losing your home is not an option. Most of the people who struggled through the last Recession needed an extra £20 to £40 per week to keep the wolf away from the door. Well here is an £80 a week tax-free income tip to surviving the recession and keeping your debt problem at bay and this is a great debt solution.
Leave your thoughts or experiences about whether you find money too tight today and tells us if you make £4,250 Tax Free Each Year.