WITH the rising cost of living, many people are looking for ways to make money alongside their job.
John Bohan, a business owner of The Wirral, has made £1,500 renting out a pub he built in his back garden.
He told The Times: “During lockdown I haven’t really been able to see any of my friends or family socially.
“The pubs were closed so I decided to build one in the back garden.”
The 43-year-old spent £4,000 to build his drinking room and outfit it with lights, a heater and a beer pump.
He applied for a £37 personal license to sell alcohol and a £100 operating license.
John keeps it stocked with beer, cider and spirits and asks guests to pay for what they’ve drunk at the end of the night. And he charges £100 for a party.
John moved away from London in October 2020 and says the bar also helped him meet his new neighbours.
He added, “If you have a spare room, it’s a great way to make extra money, especially in this economic climate.”
John told the Times he will use his winnings to pay for a holiday in Lanzarote.
Homeowners can make £1,000 off their property without paying tax.
This is known as the Property Income Allowance.
This means if you earn less from rental income you do not need to tell HMRC.
You can also earn up to £7,500 tax-free cash by renting out a room in your home through the government’s Rent-a-Room scheme.
But you must report this to the Inland Revenue, usually via a self-assessment tax return.
The program is open to people who rent a furnished room to a subtenant or for commercial purposes, e.g. B. a guest house.
Anything above the tax limit is subject to the same tax as personal income.
It’s also worth tracking your plans to take a mint from your home past your mortgage lender and home insurance company to avoid a breach and the terms.
You could also make thousands of pounds of extra income by renting out your driveway as a car park.
It’s legal in the UK and can be a lucrative sideline when people are looking for suitable venues for work, concerts and sporting events.
They do not require planning permission in England, making it easier for those to reap the benefits.
Websites like JustPark make it easy for people to advertise their parking lot, or you could go the old-fashioned route and place ads in your local paper.
Just make sure you have a contract in place beforehand, which ensures that the owner of the space is not liable for any damage or could be saddled with high costs and legal hassles.
Renting out your shed for storage could fetch a tidy sum, according to real estate experts.
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