Slough residents who can boast a spare room could generate thousands more in income each year by renting out rooms.
Research conducted by SpareRoom has revealed that homeowners in Slough could become live-in landlords and generate around over £10k a year.
Taking in a lodger could generate tax-free income of up to £7,500 – effectively the equivalent of receiving a £10,500 gross pay rise at work for basic rate tax payers (going up to a £14,000 pay rise for earners on 40% tax).
Based on the average monthly room rent in Slough (£537 per month), the annual ‘pay rise’ needed to take home the same amount of income provided by letting out a spare room to a lodger is between £9,029 (20 per cent tax) and £12,039 (40 per cent tax).
In 2016, the government launched the 'Rent a Room' scheme which increased the mount of tax-free income homeowners can receive from letting their rooms.
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