Can I really earn money by renting out my spare room?

Yes you can, and much of it will be tax free to boot!

Thousands of homeowners, and plenty of tenants too are finding it’s easy to make extra cash by renting out a spare room (tenants should get the landlord’s permission first). How else can you make hundreds of pounds a month without doing any work?

The taxman, in his generosity, allows you to earn up to £4250 a year from renting out a spare room in a home you live in, absolutely tax free. You don’t even need to do a self-assessment form. Find out more about the Rent a Room scheme.

If you don’t know anyone who needs a room to rent, you can find someone lovely through SpareRoom, the UK’s no. 1 site for flatsharing. SpareRoom makes it easy, guiding you through the process, and giving you tips, like on how to interview potential flatmates. You can even advertise completely free.

Watch the video to discover how SpareRoom works.

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