If money too tight then consider \’\’Renting a Room\’ to assist in paying your household bills. My view is that when times are difficult and uncertain as they are currently. Then we all need to look at the different opportunities open to us. If you\’re struggling to cover your bills then this is an opportunity worth considering. Taking full advantage of our resources in order to make a passive income from any asset that we own is worthy of deep consideration. If you have a bedroom that is empty and not occupied and you really are struggling to pay your mortgage or your bills. So if money too tight in your house,then you should really consider renting out a bedroom for a a second income it could help by taking the pressure off your finance and possibly keep you out of debt and with a roof over your head.

If money too tight then consider \’\’Renting a Room’

Taking in a lodger could be inconvenient but compared to being in debt and maybe having your home repossessed because you cannot pay the mortgage is awful – all because money too tight to mention. There is a tax break for renting a bedroom out to a lodger. This tax-free break means that you can rent a furnished room in your home to a lodger for £81.73 per week or £4,250 per year without paying tax on the income.

There\’s a special exemption within the tax regulations that allows the first £4,250 earned from renting out a room in your home to be tax-free. If you have an up-market home then you may of course charge more each week or year and you would only be liable to pay tax on any earnings above £4,250 per year. You should take a deposit from your new lodger and a months\’ rent upfront and write down your terms and conditions of renting a room out. I would ask a solicitor to draw up my agreement to cover myself, my home and family.

You will find websites around that advertise \’rent a room\’ or \’house shares\’ should you be struggling to find a lodger. The best way to find a lodger is to ask people you already know like friends, family, workmates, club members, people in your church congregation, etc. Just be sure you take references and do complete due diligence on anybody that you\’re thinking of allowing into your home as a lodger. You dont want to let the Axe Murderer in do you?

If money too tight then consider all choices

You can find government websites and the citizen’s advice service, where you\’ll find out more information about renting a room in your home. Please check each year to see that this special tax exemption have not changed. It\’s not the best solution, but if it means that you can ride out this eminent recession then it is worth considering. Losing your home is not an option. The majority of people who struggled through the last Recession needed an extra £20 to £40 per week to keep the wolf away from the door. Well here is an £80 a week tax-free income tip to surviving the recession and keeping your debts problems at bay and this is a great debt solution.

Writer and Publisher Mark Aucamp has been supplying content and articles about DEBT ADVICE for a many years. Mark is skilled in providing MONEY Advice and information. Today\’s information is about MONEY TOO TIGHT http://talkmoneyblog.co.uk

Mark Aucamp continues to provide Talk Money Blog readers with Personal Money Advice in the areas of Mortgage, Remortgages, Debt Management and more. Mark has worked as a Consultant and Advisor providing Debt Management and Mortgage Advice to fee paying customers. http://talkmoneyblog.co.uk

Author Bio: Writer and Publisher Mark Aucamp has been supplying content and articles about DEBT ADVICE for a many years. Mark is skilled in providing MONEY Advice and information. Today\’s information is about MONEY TOO TIGHT http://talkmoneyblog.co.uk

Category: Finances
Keywords: [debt solution, debts, debts problems, make money, money too tight, rent a room, renting a room]