Renting out a spare room has just become an even more attractive option, thanks to new tax breaks introduced by George Osborne in the July budget. As from April next year homeowners will be able to receive up to £7,500 in rent from renting out a spare room before having to pay tax, the current amount is set at £4,250.
This equates to an extra allowance of £1,300 per year for a high-rate tax payer and £650 a year for a basic-rate tax payer. In order to qualify for this rent-a-room scheme the room must be in the homeowners’ main property.
Thinking of renting a furnished bedroom in your home call us for more information about Intercounty room service on 0844 8111 090*
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