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.
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.
How to challenge your council tax band and get your council tax bill reduced
If you think you’re paying too much council tax, it may be because you’re in a higher band than you should be.
Government figures show that between 1998 and 2010 over half a million people have challenged their council tax band and with the average council tax bill of £1,455 a year (or £120 a month), perhaps that's not surprising. But there's often no guarantee of success so it's worth knowing the risks as well as the potential benefits of challenging your council tax band.
If you've recently sold a buy-to-let property, the taxman may have you in his sights.
Accountants says that HMRC is checking Land Registry records to find buy-to-let investors who may not pay tax on the profit.
According to a firm of accountants, HM Revenue & Customs is routinely checking Land Registry data to find out whether buy to let investors have sold property without declaring it for capital gains tax. So, what should you do if you own buy to let property?