Homeowners urged to capitalise on Wimbledon
Residents of Wimbledon could earn themselves some extra cash over the next few weeks by renting out rooms in their homes to tennis fans.
By setting up a short-term lodger agreement
, people could earn up to £4,250 per year without incurring any extra tax through the government's Rent a Room scheme
The Institute of Chartered Accountants in England and Wales
(ICAEW) said that sporting events such as Wimbledon and next year's Olympic Games could provide real opportunities.
"If you take in a lodger, you must tell your mortgage lender or landlord and your buildings and contents insurer to make sure you aren't breaching the terms of your mortgage, lease or insurance," advised Anita Monteith, technical manager at the ICAEW's tax faculty.
Other tips from the group included ensuring that detailed records of both income and outgoings relating to the letting are kept for tax purposes.
- Landlord and Tenancy News from Lawpack: Solicitor-approved lodger agreement template with expert guidance on how to complete the legal form
Published on: June 15, 2011
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