Profit from renting a room during Olympics

Landlords could capitalise on demand for lodgings during the 2012 Olympic Games through the government's Rent a Room scheme.

Through offering lodger agreements, landlords can earn up to £4,250 a year without incurring any extra tax, explained the Institute of Chartered Accountants in England and Wales (ICAEW).

Anita Monteith, technical manager at the ICAEW's tax faculty, said: "Major sporting events … are perfect opportunities to participate in the scheme and you can save even more if you are diligent with keeping detailed records of income and outgoings."

She pointed out that anyone who plans to take advantage of the scheme needs to tell their mortgage lender and home insurance provider to ensure they are not breaching any terms and conditions.

It may also be worth taking out liability cover against accidents and injuries that may occur when someone is staying in the property.

  • Landlord and Tenancy News from Lawpack: Solicitor-approved lodger agreement template for getting it in writing when you're renting a room

Published on: July 15, 2011

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