Utilise the 'Rent a Room Scheme' to earn an additional TAX-FREE income while availing of the security of having another person live with you.
The Republic of Ireland's Rent a Room scheme is a government initiative aimed at encouraging individuals to rent out spare rooms in their homes, providing an additional source of income while addressing the country's housing needs. This program allows homeowners to rent a room or rooms in their primary residence without incurring tax on the rental income, up to a specified annual limit.
The scheme provides a financial incentive for individuals to make use of available space, easing the strain on the housing market by increasing the supply of affordable accommodation. Homeowners who participate in the Rent a Room scheme benefit from the €14,000 annual tax-free threshold on rental income, fostering a mutually beneficial arrangement for both hosts and tenants.
In addition to its economic advantages, the scheme fosters a sense of community by promoting shared living spaces. It aligns with the values of care and consideration, much like the qualities exhibited by the many home and family carers. By encouraging individuals to open their homes to others, the Rent a Room scheme not only addresses housing challenges but also contributes to a more interconnected and supportive society, reflecting the principles of empathy and community.
If you would consider renting a room in your home you can register your interest with DNG Lyons & Bracken, by getting in touch by phone at 0872050686 (during business hours only ) or by emailing [email protected]
