The government has changed the tax rules on furnished holiday homes which mean you’ll have to let it out for longer.
You can get tax relief if you rent out a furnished holiday home in the UK or Europe, but the rules are about to be tightened up, making it harder to qualify.
Updated 25th April 2011
If you own a holiday home in the UK or Europe (it actually extends to any property in the European Economic Area) you’re able to claim tax relief on your costs, which means you can deduct costs from the rental income you receive before you pay tax. But the government's tightened up the rules from April 6th 2011, with an increase in the number of days that you have to rent out your property in order for it to qualify for tax relief and restrictions in how you can offset losses you make.
Inviting a stranger to live in your home is a big undertaking and shouldn't be done lightly (even if they are helping you pay your mortgage). However, with a little preparation and some common sense, it can be a great way to make a little extra money. In this article we'll look at the things you should consider before taking in a lodger to make sure you (and your room) are fully prepared.
Can you really make money by renting out a room, your drive or using your property as a film location?
You might not have thought about your home as a money-spinner, but it could generate some extra revenue.
Updated 12th February 2011.
Making money from our home is something that many of us may dream about, but actually doing it can be another matter. The best known way of making money is by renting out a spare room and the government lets you earn over £4,000 a year tax free through its rent-a-room scheme (and there's more on renting out a room elsewhere in this section). But there are other ways that you can generate revenue from your property.
