{"id":5621,"date":"2016-04-06T13:07:00","date_gmt":"2016-04-06T12:07:00","guid":{"rendered":"http:\/\/garageconversion.anytrades.co.uk\/?p=178"},"modified":"2016-04-06T13:07:00","modified_gmt":"2016-04-06T12:07:00","slug":"earn-a-tax-free-income-from-your-garage-conversion","status":"publish","type":"post","link":"https:\/\/www.local-quotes.co.uk\/guides\/getting-started\/earn-a-tax-free-income-from-your-garage-conversion\/","title":{"rendered":"Earn a Tax-Free Income from your Garage Conversion"},"content":{"rendered":"

If you’re not desperate for the space that a garage conversion can add to your home, you could consider letting it out as an annexe.<\/p>\n

A garage conversion will add value to your property whether you choose to make it an extra living space or not, but you could earn a tax-free income if you do let it out. Conversions don’t have to cost over the odds, and you could make up to \u00a37000 per year, with over half of that being tax-free.<\/p>\n

Rent a Room Scheme<\/h2>\n

The tax-free earnings come from the government’s Rent a Room Scheme, where you can earn up to \u00a34,250 per year tax-free<\/strong> from letting out furnished accommodation in your home. This includes a garage that you convert into an annexe.<\/p>\n

Annexes are perfect for people who work in one area but live in another and need accommodation for the week, before spending the weekends at home with their families.<\/p>\n

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Image via Pinterest<\/a><\/figcaption><\/figure>\n

What you need to do<\/h2>\n

If you want to convert your garage into a separate living space for a tenant, you need to consider a few things:<\/p>\n