Rent A Room Scheme Explained | Getting A Lodger UK
Channel: Financial Madness
Date: 2022-03-19

Rent a Room Scheme Explained (Getting a Lodger).

The cost of living is getting ever more and more expensive and getting a Lodger or renting out a room in a property that you are living in might be a great way to make some extra little cash, especially as the government offers the "Rent a Room Scheme" which give you an allowance to earn your rental income tax-free to a certain limit.

Chapter Information (Rent a Room Scheme | Getting A Lodger):
0:00 Introduction
0:38 Lodger vs Letting
1:16 What Mortgage Do You Need For A Lodger?
2:39 Lodger Agreement
4:26 Rent a Room Scheme and Taxes

🔹 Lodger Agreement Templates:
- Rocket Lawyer: https://www.rocketlawyer.com/gb/en/sem/lodger-agreement?gclid=CjwKCAjw_tWRBhAwEiwALxFPoYZH4FDGtz_SFB6vbHkieY7eOyjkI_ZF9L3K4SWsniXDpDfX3qFs9BoCAuYQAvD_BwE
- WestLothian: https://www.westlothian.gov.uk/media/1976/Lodger-Agreement/pdf/lodgeragreement.pdf?m=635302275021670000

🔹 Gov.uk: Rent a Room Scheme: https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

🔹 Gov.uk: Rent a Room Helpsheet: https://www.gov.uk/government/publications/rent-a-room-for-traders-hs223-self-assessment-helpsheet

DISCLAIMER - Any advice or (statements perceived to be advice) given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.  Your  are fully responsible for your financial decisions. If you are in need of Financial Advice, please seek out a professional advisor. If your are unsure on how to do this, feel free to reach out to me and I am more than happy to guide you.

#RentARoom #Lodger #TaxFree