Make money from your car parking space

What could you do with an extra £1000 tax free cash a year
You could………
  • Take a long romantic weekend break to your favourite European City and stay in a first class hotel
  • Treat yourself to that ‘sell out’ theatre or concert show
  • Enjoy a meal at a well-known restaurant of your choice
  • Pay off a few bills
  • Purchase a new outfit (or two)
In fact the list is endless….
So how can you achieve an extra £1000 tax free cash a year….

The secret is to rent out your parking space.
As of April 2017 you can now earn £1,000 tax-free from occasional jobs each tax year. This can include using your current skills to obtain extra work or even selling on-line.  Plus now you can get an additional £1000 a year tax-free from property related income and this includes renting your parking space or even renting storage space in a spare room, garden shed or even the loft. This extra £1000 is not connected to your PAYE income you earn before tax and also not connected to the extra £7500 tax free income if you have a lodger. If you  are unsure of the tax implications please do contact HMRC for further clarification.

Need extra cash during these hard times? Then renting out your parking space can be a great way of boosting your income.

How often do you see this sign when out shopping or on a trip

 

 

 

 

 

 

 

 

Parking (especially in London) is at a premium. There seems to be more cars but less spaces to park for free.  You can drive around for quite a while before you find a parking space while out shopping.  Then there is the cost of the parking and if you exceed the time  or park in the wrong spot you can be fined quite considerably. (or even clamped). Thus making that shopping trip/day out very  expensive.

So many people are looking for a good parking space and this is where you can help them.

Click on the link below which will take you to Just Park website

 

 

Why not rent out your car parking space if you do not have a car.  That empty space could be making you some serious money

I recommend Just Park (click on the above link)  It’s free to sign up and list your space with JustPark, You will receive the rental amount quoted should someone rent your space.  There is no commission payable. Just Park will take a small commission from the driver who will be renting your space. which is their service fee.   Full details are on their website.

If you click on the above link it will take you to Just Parking website  where you can register your parking space (if you have a photo that  would help potential drivers make a decision).  I have registered my space on the site.  Once you have filled in the details you can state for how long you want to rent the space for and at what time of day.  You may want to just let your space just during the week or weekends or to get a better rate rent 24/7 until further notice.  The great thing about the site is they suggest a price you rent for which saves you the hassle of either under or over pricing. There is no fee payable to you for joining (and you should never have to pay to rent out your space).

Points to consider when rending your car parking space 

Firstly make sure that if you want to rent out your car parking space that you own the space and it is not owned by a landlord or other third-party.  If you rent a space it does not just have to be on your driveway, it can be your garage or even if you have underground car parking in your flats

You may wish to only rent out your space during the day and not at weekends.  Again this is possible.

If you rent your parking space and you have a parking permit then make sure when completing the contract for renting that you have a refundable deposit on your parking permit. Make sure that the renter does always show the parking permit and stress you are NOT responsible for any accidents etc.

Having someone park in your spare space/garage also aids security as it would appear someone is around the home.

There are no real disadvantages other that making sure that you do not want to use the space and also consider if you are the type of person that has a lot of visitors to your home – would there be problems for them parking elsewhere?

It is important that you make sure no one else parks in your designated parking space other that the named driver you are renting to (and as mentioned above if you have a parking permit this should not be problem)

Generally you will not have any problems with the local council BUT if you have a large space and decide you are going to let 3-4 cars park in your driveway/garage etc this could be problematic as it could be classed as a business and local neighbours could complain about the noise etc  So if in doubt please do contact your local council.

You may want to build a drive way so you can rent your space out – should this be the case  you would be looking to build a vehicle crossover which is the dropped kerb. This is because the car then be safely driven from the road across the pavement and onto your driveway.  Unless you live on a private road will need to apply for planning permission from your local council. The council will be the ones wh will build this for you and prices can be around £1000.  If you are in any doubt if you are in a private road please make sure you contact the local council before you rent your space out.  

So I hope this has helped you with earning some extra income. Really it is money for nothing and lets face it we all like that!

2 thoughts on “Make money from your car parking space

  1. Chiino

    I rented an underground space in central London until the owners moved out and left me the fob, but only use it a couple of times a month. The amount of money I could have made by now if I’d have done this!

    Reply

Leave a Reply