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Thinking about letting out a room during the Olympics? Think again, warns Lucy Brennan

15 May 2012

While the main concern of some people in the lead up to the Olympics is what tickets they have, others may be considering ways they can profit from the event.

With the large numbers of people expected to be visiting London and the surrounding counties, there will be a lot of people looking for accommodation, and the national news has already included pieces about individuals who are considering letting rooms, their houses or even garden spaces with tents to those that need somewhere to stay.

House arrest

However, those considering letting part or all of their property need to be fully aware of the tax implications of gaining an additional income from letting property. Many of these individuals may be receiving all of their income after it has been taxed at source and therefore do not at the moment have a requirement to file a tax return.

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