By signing up to the ‘rent a room’ scheme, not only could you enjoy the extra income from the rent, but also up to \u00a34,250 a year is free from tax. ‘Rent a room’ relief\u00a0is an optional scheme that lets you receive up to this amount in rent each year from a lodger, tax-free. This only applies if you rent out furnished accommodation in your own home.<\/p>\n
Landlord’s energy-saving allowance<\/strong> Costs you can offset against tax<\/strong> Tax-free extra income By signing up to the ‘rent a room’ scheme, not only could you enjoy the extra income from the rent, but also up to \u00a34,250 a year is free from tax. ‘Rent a room’ relief\u00a0is an optional scheme that lets you receive up to this amount in rent each year from a… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1156"}],"collection":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1156"}],"version-history":[{"count":0,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1156\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nYou can claim ‘landlord’s energy saving allowance’ for the cost of buying and installing certain energy-saving products for properties you rent. You can also claim a special tax allowance of up to \u00a31,500 for insulation, draught proofing and installing a hot water system.<\/p>\n
\nIf you rent out property, don’t forget you can\u00a0deduct certain costs\u00a0before declaring your taxable income. The costs you can offset against tax are numerous, including mortgage interest; lettings agents’ and accountants’ fees; insurance; utility bills; council tax; cleaning; and maintenance and repairs (but not improvements \u2013 building an extension will enhance the value of your property, but you can’t claim it as a daily expense in the running of that property).<\/p>\n","protected":false},"excerpt":{"rendered":"