Over 65,000 homeowners raked in the cash in 2022, with the number expected to rise this year
More than 65,000 homeowners across the UK took advantage of an easy side hustle last year which brought in up to £1,000 of much-needed tax-free income, with many earning significantly more. At a time when most people are feeling the impact of rising costs across all sectors, astute homeowners have increasingly searched for alternative ways to bring in extra cash, with renting out a spare car parking space proving a particularly popular hit.
One NHS worker, who first registered his parking space on the platform in October 2022 last year, has made just over £900 of tax-free income to date and plans to make more this year. “As well as bringing in a chunk of money which I get to keep, I believe I’m also helping others save some money too, as my rates are cheaper than more traditional options nearby. I didn’t need to do much, as once I registered my space and set my price, the site manages all the bookings. I just get a notification when it has been booked, letting me know the time and date.”
Top Money Stories Today “By taking advantage of the £1,000 tax-free allowance, space owners can maximise their earnings without the burden of additional tax liabilities. However, with the average annual earnings of our space owners just over £2,000 it is important to note any earnings over the tax-free allowance must be declared as additional income.”
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