Currently in the UK there is a well-documented student accommodation crisis (obviously the Covid-19 situation is having a hugely negative impact on accommodation currently). This in turn has led to a spare room rental boom. Each budget announcement sees the Rent-a-Room scheme tax incentive go up, to where it is now sitting at £7,500 per annum for homeowners renting out a room in their own home. That means homeowners can now earn £7,500 per annum TAX FREE by renting out a room or rooms in their home.
A recent survey by www.getdigs.co.uk indicates that renting out spare rooms is increasing year on year by around 11%. The reasons for renting out a room in your home are many fold, empty nesters (a parent whose children have grown up and left home) may have 1,2,3 empty rooms gathering dust and can easily get additional income, young couples with no children with spare rooms where the extra income could help with mortgage repayments, or even families are renting out a spare room just to add to the annual coffers – there are many and varied reasons.
Our website www.getdigs.co.uk makes it really easy to get a lodger for your spare room. The vetting process used, allows the homeowner to get a really good match for their circumstances. The homeowner can be very specific on their requirements and the software ensures they do not have to divulge any of their own personal details like name, phone number, email address or address until they are happy to do so. It’s easy and intuitive to use and allows you to specify if you want to rent Monday to Friday and have the weekends to yourself – which suits a lot of people.
It’s an idea well worth pursuing. Login into www.getdigs.co.uk for more information. Or check out our Facebook page https://www.facebook.com/GetDigsUK and Twitter page @GetdigsUK Or Instagram @getdigsuk
For more information on the Rent a Room Scheme visit HM Revenue and Customs HS223 Rent a Room Scheme 2020