4 Ways to boost your income

Andy Webb

Do you have space that you don’t use? Here’s how to make some money from it—without paying more tax.

It can be tricky financially and emotionally to leave the family home for somewhere smaller, even if you could probably do with less space and more money. So if you’re staying put, you could make your home work for you and bring in some extra cash as part of the “sharing economy”.

These four tricks can turn your home into a mini business. You can earn £1,000 each year from these schemes without needing to declare it to the taxman, which is a nice little bonus.

Of course if you want to earn more, you can—though check it won’t affect your entitlement to any benefits.

 

1. Let other people store stuff in your home

Sheds, garages and loft spaces are ideal spots for people to store their stuff. Storemates.co.uk allows you to list your empty storage space by square metre—people even list boot space and empty cupboards!

You’ll need to consider how and when they’ll be able to access their items, and insurance is covered by Storemates. However—and this goes for all the money-makers listed here—you should let your own insurer know if you plan to use your property for business use.

 

2. Rent out your drive

Parking is expensive and people are always looking for a cheaper place to put their car. If you live near a station you’ll be able to tap into regular commuters, or if you’re close to a major attraction or event space you can offer it for weekend or tourist traffic.

Try JustPark.com and Parklet.co.uk to get an idea of what you could charge. You can offer long-term lets of your drive or garage, or operate it on a pay-as-you-park basis.

 

3. Hire out your car

If you only use your car for occasional trips, then you may as well make some cash from it.

Carclub.EasyCar.com lets you list your vehicle and how often you’d like to hire it out. Insurance for the car and driver is included in the rate, so you don’t need to adjust your own.

You can also get paid for giving someone a lift though sites such as Liftshare.com. You can either offer a lift for a journey you’re already making or pick up a request that someone else has posted.

 

4. Get someone in your spare room

This final boost could be an even bigger earner, and might also make your home feel a little less empty. You can make £7,500 tax-free a year through the “rent-a-room” scheme. This works out as a monthly rent of £625 and you can advertise on sites such as SpareRoom.co.uk.

If you’re not keen on someone permanent, you can also look for temporary lodgers. Monday-to-Friday rents are increasingly popular, while short lets to holidaymakers through AirBnB let you choose who stays. 

 

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