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Part time landlords offered advice on how to pay their taxes!

Although there may still be 508 days to the start of the London Olympics, there are many people already looking on the Games as a potential money earner.

The tickets for the London games actually go on sale at the end of this week and there is a massive difference in the price of seeing different events. The opening ceremony and blue riband track and field events final days come in at hundreds of pounds while other tickets are as cheap as £20. All the more reason then, for some part time landlords, to look for a good deal on landlord insurance when they put their residences up for rent during the period of the Games.

Inland Revenue keen to hit the ground running

There are many families in areas around the stadium already planning to make money out of the Games by becoming landlords for just a few weeks. In fact Her Majesty’s Revenue and Customs (HMRC) office is setting up a special workshop to educate these part time landlords on just how to plan their nice little earner.

The workshop is entitled “Income from property” and is aimed at homeowners looking to turn their home into a let for the duration of the London Olympics, and the letting agents the homeowners may turn to for advice. Of course any home let out to tenants has to comply with certain health and safety laws plus other legal requirements. On top of that the prospective landlord will need to get insurance protection for his home and the tenants. He must determine for instance if he needs holiday home insurance or some other form of property home insurance.

Admission to church free, not the same for the Games

It goes without saying that the HMRC are going out of their way to remind homeowners of their legal rights and tax obligations when earning money from a new source. Those wishing to find out exactly what cut of the extra income should be handed over to HMRC can find out on Friday March 11th at 13.30 at St John’s Church at Broadway, Stratford, London and there will be no charge. You never know, by the time the HMRC have taken their cut you may well be able to afford a ticket for the Games.