We all like to make a little extra cash, and by renting out your spare room this can easily be done with a home sharing service such as Airbnb.
However, you as a homeowner and as the occupier of the property owe anyone who visits you a duty of care to make sure they aren’t injured through your own fault.
Therefore, before embarking on this latest cash making exercise, please ensure that your property is suitable to be rented!. It may also be wise to check with your household insurers to make sure that you are covered!
Home sharing service Airbnb has welcomed a move in chancellor George Osborne’s budget to offer tax breaks to ‘micro-entrepreneurs’ who wish to sell services or rent out their homes online. The measures come in the form of two new tax free allowances worth £1,000 per year for property and trading income which will be applied automatically without the need to apply via HMRC.