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.
The UK Government currently allows for individuals to earn up to £1,000 as a trading allowance, in addition to the personal tax allowance of £12,750. Due to the rising popularity of the hack, the online parking platform, YourParkingSpace, has already noticed a 10 per cent increase of homeowners registering their driveways on its site between January and May this year.
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.
