Are You Thinking Of Renting Out Accommodation For The London 2012 Games?

The London 2012 Games start in just under 500 days time. If you are considering renting our a room check out the Rent a Room Scheme first.

With London 2012 tickets now available to apply for, it perhaps feels the countdown to this major event is gathering a pace.

With an influx of many people, some who have a spare room or accommodation space may be thinking of renting out the room or indeed their whole home to Olympic visitors.

HM Revenue & Customes (HMRC) is reminding people though to check the Rent a Scheme first. This scheme allows you to receive up to £4,250 a year tax-free in rental income if you rent out a furnished room in a residential property.

If you let furnished accommodation to a lodger who pays to live in your home, perhaps with meals provided, and who sometimes shares the family rooms, you can take advantage of this scheme.

The scheme doesn’t apply if your home is converted into separate flats that you rent out, if you let unfurnished rooms in your home, or if you let your whole home. In these cases you need to declare the rental income to HMRC and pay tax in the normal way.

To help explain matters HMRC are conducting a series of free advice sessions around the country on renting out property. The next is on 17 June at St John’s Church, Broadway, Stratford, London. The event runs for around three hours, starting at 10am.

Places for all of the seminars need to be booked in advance on 0845 603 2691 (open from 08:30 to 17:00, Monday to Friday) or at www.hmrc.gov.uk/bst.

Whilst the event is billed as London 2012, of course there are a number of Games venues around the country -

Aquatics Centre (London); Athletes’ Village (London); Basketball Arena (London); BMX Circuit (London); City of Coventry Stadium (Coventry); Earls Court (London); Eton Dorney (Windsor, Berks); Eton Manor (London); ExCeL (London); Greenwich Park (London); Hadleigh Farm (Essex);

Hampden Park (Glasgow); Hampton Court Palace (London); Handball Arena (London); Hockey Centre (London); Horse Guards Parade (London); Hyde Park (London); IBC/MPC (London); Lee Valley White Water Centre (Herts); Lord’s Cricket Ground (London); The Mall (London); Millennium Stadium (Cardiff);

North Greenwich Arena (London); Old Trafford (Manchester); Olympic Stadium (London); The Royal Artillery Barracks (London); St James’ Park (Newcastle); Velodrome (London); Water Polo Arena (London); Wembley Arena (London); Wembley Stadium (London); Weymouth and Portland (Dorset); Wimbledon (London).