#5 – Rent Out A Room
Do you have a spare room in your home that is curently not being used? Renting out that room could be a good source of extra, tax-free income for you, not to mention a cost-effective way of living for someone else. Though tax laws are different in each country, here in the UK, homeowners are entitled to earn £4,250 per year tax-free from letting out furnished accommodation in their home. That’s a significant extra income – just make sure you get a good tenant!