We were recently featured in the online edition of Saga magazine in an article about the ‘bedroom tax’ as a way to earn extra income from your home – why downsize if you can put your extra space to good use?
And it’s exactly this thought that makes me want to get out my banner and march on Parliament to get a tax break for revenue earned through renting out your spare space as storage.
If you rent out a room to a lodger you are eligible for the government’s rent-a-room scheme – if the rent you accept comes to no more than £4,250 a year you don’t have to declare it for tax purposes under the Rent a Room scheme.
Why not extend this to storage? The Rent a Room scheme was introduced back in 1992 in a bid to increase the supply of private residential accommodation. Given such a high demand for storage and an increasing number of newbuild, ‘affordable’ homes and city centre flats being built with absolutely no storage space whatsoever, surely it makes sense to include this as an incentive to homeowners with a bit of extra space?
Who’s with me? I will start to pen a petition and look into costs of coach travel to Westminister (can we sing songs on the way?).
Viva the self-store revolution!
If you are thinking of listing a space and are interested in the tax implications see our FAQ’s for more information or drop me a line for a chat!