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MORE OPTIONSI accept * * * * * Subscriptions * Sign Out News UK NewsUS NewsWorld NewsWeird NewsReal LifeMore HopefulTeamDogs PoliticsCrimeRoyalsMoneyTechScienceIn Your Area Sport FootballBoxingUFCCricketRugby UnionRugby LeagueF1 Euro 2022RacingGolfTennisAthleticsDartsSnooker Travel NewsUK & IrelandEuropeUSA & CanadaCaribbeanAfrica CruisesCheap FlightsAsia & Middle EastAustralia & New ZealandCentral & South America Lifestyle HealthFamilyFashion & Beauty MotoringSex & RelationshipsDieting Celebs TV Films Partners BingoCartoonsCompetitionsCrosswordsDating Funeral NoticesHoroscopesOffersPartner StoriesNewsletter signup Voucher codes AsosNikeArgosJohn LewisCurrys BookingSHEINPrettylittlethingGrouponBoohoo COVID-19 Politics Football Celebs Money In Your Area Got A Story? Shop Share * * * * * | * * 2 * Comments NewsPoliticsFootballCelebsTVMoneyTravel * * * * * Subscriptions * Sign Out 1. Converted Boeing 747 plane lets guests sleep in the cockpit and eat on the roof 2. Travelodge worker slams hotel guests as ‘animals’ after room left in horrendous state 3. Huge train strikes affecting 15 firms announced for two days in August 4. Luton Airport cancels ALL flights after runway melts in extreme heatwave 5. World's most powerful passports for 2022 revealed as UK changes ranking Share * * * * * | * * 2 * Comments * News * Politics * Football * Celebs * TV * Money * Travel MAKE AN EXTRA £670 A MONTH THIS SUMMER BY MAKING YOUR UNUSED SPACE AIRBNB READY Summer marks a golden opportunity for Brits to make passive income through unused space on their property. Here’s how you can get your property Airbnb ready and earn some extra cash You can turn your spare room or outbuilding into an Airbnb money-spinner ( Image: Max Mumby/Indigo/Getty Images) * News * Politics * Football * Celebs * TV * Money * Travel By Suruchi Sharma DiwanProperty Writer * 14:20, 19 Jul 2022 * Updated14:44, 19 Jul 2022 * * * * * | * * 2 * Comments It's a summer bummer for Brits this year - the temperature has reached scorching highs, flights are getting delayed amidst airport chaos, Covid cases are on the rise again and the cost of living crisis is tightening its grip on the nation. Amidst this rising cost and chaos, homeowners across the UK are looking for ways to supplement their salaries. One perfect way of forming a significant stream of passive income is via Airbnb – particularly if you have an unused annexe or outbuilding. This opportunity comes as new research from private equity house, IW Capital, found that 39% of Brits see passive income sources as a way to supplement their 9-5 salary and 32% are planning on becoming financially independent within the next ten years through these means. Converting your extra space into an Airbnb listing is simple and rewarding ( Image: SOPA Images/LightRocket via Getty Images) David Hannah, Group Chairman of Cornerstone Tax, suggests that by taking the necessary steps needed to make your annexe or outbuilding Airbnb ready, property owners have the chance to create a significant new revenue stream averaging £670 a month. UK hosts on Airbnb collectively earned more than £1.5 billion last year - £668 million of which was made over the summer months, demonstrating the clear desire for Airbnb rentals in the UK. UK heatwave reaches 40C for the first time EVER as temperatures continue to rise Six of the most lucrative dates to host last year fell in August, meaning the upcoming month holds great potential for Brits to earn passive income from unused space in their property. SIMILAR ARTICLES TO THIS * * * * * * Tory candidates challenged to 'come clean' on impact of their tax slashing plans 15 Comments Martin Lewis warns Britain faces energy bill strikes as households refuse to pay 1 Comments Disputes between Government and PPE suppliers could cost taxpayers £2.7billion, MPs warn 9 Comments Cost of living: All YOUR questions about £650 payments from next instalment to pension 14 Comments When is the second half of the £650 cost of living payment being sent and how much is it? 19 Comments One million families have no savings to fall back on as cost of living bites 2 Comments Martin Lewis says savings rates hit a 10-year high - but many banks still ignore savers Comments AA issues important message to anybody filling up car with petrol in next two weeks 80 Comments Martin Lewis issues warning for energy bill 'catastrophe' and says 'I feel sick' 19 Comments Prospective Birmingham owners hold promising talks with boss John Eustace amid takeover Comments Full list of everyone who won't get £650 cost of living payment - and why 239 Comments Save money on your Zara shop with Martin Lewis' holiday hack Comments 7 savage put-downs in ITV Tory leadership debate as rivals tear strips off each other 16 Comments What to do if you get in financial hell and debt - and all the help available 2 Comments Nadhim Zahawi may get £3,600 off energy bills under Tory energy rebate loophole 1 Comments UK's cheapest petrol spotted by drivers at £1.69 a litre - 20p less than average price 1 Comments Amazon plans to create 4,000 new permanent jobs as it joins 10 biggest UK employers 4 Comments First £326 cost of living payment due this week - who's getting it and why 78 Comments Martin Lewis on how much your energy bill will rise in October based on what you pay now 28 Comments DWP: Date first part of £650 cost of living payment will hit bank accounts confirmed 4 Comments Tory candidates challenged to 'come clean' on impact of their tax slashing plans 15 Comments Martin Lewis warns Britain faces energy bill strikes as households refuse to pay 1 Comments Disputes between Government and PPE suppliers could cost taxpayers £2.7billion, MPs warn 9 Comments Cost of living: All YOUR questions about £650 payments from next instalment to pension 14 Comments When is the second half of the £650 cost of living payment being sent and how much is it? 19 Comments One million families have no savings to fall back on as cost of living bites 2 Comments Martin Lewis says savings rates hit a 10-year high - but many banks still ignore savers Comments AA issues important message to anybody filling up car with petrol in next two weeks 80 Comments Martin Lewis issues warning for energy bill 'catastrophe' and says 'I feel sick' 19 Comments Prospective Birmingham owners hold promising talks with boss John Eustace amid takeover Comments Full list of everyone who won't get £650 cost of living payment - and why 239 Comments Save money on your Zara shop with Martin Lewis' holiday hack Comments 7 savage put-downs in ITV Tory leadership debate as rivals tear strips off each other 16 Comments What to do if you get in financial hell and debt - and all the help available 2 Comments Nadhim Zahawi may get £3,600 off energy bills under Tory energy rebate loophole 1 Comments UK's cheapest petrol spotted by drivers at £1.69 a litre - 20p less than average price 1 Comments Amazon plans to create 4,000 new permanent jobs as it joins 10 biggest UK employers 4 Comments First £326 cost of living payment due this week - who's getting it and why 78 Comments Martin Lewis on how much your energy bill will rise in October based on what you pay now 28 Comments DWP: Date first part of £650 cost of living payment will hit bank accounts confirmed 4 Comments Tory candidates challenged to 'come clean' on impact of their tax slashing plans 15 Comments Martin Lewis warns Britain faces energy bill strikes as households refuse to pay 1 Comments Disputes between Government and PPE suppliers could cost taxpayers £2.7billion, MPs warn 9 Comments Cost of living: All YOUR questions about £650 payments from next instalment to pension 14 Comments When is the second half of the £650 cost of living payment being sent and how much is it? 19 Comments One million families have no savings to fall back on as cost of living bites 2 Comments Martin Lewis says savings rates hit a 10-year high - but many banks still ignore savers Comments AA issues important message to anybody filling up car with petrol in next two weeks 80 Comments Martin Lewis issues warning for energy bill 'catastrophe' and says 'I feel sick' 19 Comments Prospective Birmingham owners hold promising talks with boss John Eustace amid takeover Comments Full list of everyone who won't get £650 cost of living payment - and why 239 Comments Save money on your Zara shop with Martin Lewis' holiday hack Comments 7 savage put-downs in ITV Tory leadership debate as rivals tear strips off each other 16 Comments What to do if you get in financial hell and debt - and all the help available 2 Comments Nadhim Zahawi may get £3,600 off energy bills under Tory energy rebate loophole 1 Comments UK's cheapest petrol spotted by drivers at £1.69 a litre - 20p less than average price 1 Comments Amazon plans to create 4,000 new permanent jobs as it joins 10 biggest UK employers 4 Comments First £326 cost of living payment due this week - who's getting it and why 78 Comments Martin Lewis on how much your energy bill will rise in October based on what you pay now 28 Comments DWP: Date first part of £650 cost of living payment will hit bank accounts confirmed 4 Comments Tory candidates challenged to 'come clean' on impact of their tax slashing plans 15 Comments Martin Lewis warns Britain faces energy bill strikes as households refuse to pay 1 Comments Disputes between Government and PPE suppliers could cost taxpayers £2.7billion, MPs warn 9 Comments Cost of living: All YOUR questions about £650 payments from next instalment to pension 14 Comments When is the second half of the £650 cost of living payment being sent and how much is it? 19 Comments One million families have no savings to fall back on as cost of living bites 2 Comments Martin Lewis says savings rates hit a 10-year high - but many banks still ignore savers Comments AA issues important message to anybody filling up car with petrol in next two weeks 80 Comments Martin Lewis issues warning for energy bill 'catastrophe' and says 'I feel sick' 19 Comments Prospective Birmingham owners hold promising talks with boss John Eustace amid takeover Comments Full list of everyone who won't get £650 cost of living payment - and why 239 Comments Save money on your Zara shop with Martin Lewis' holiday hack Comments 7 savage put-downs in ITV Tory leadership debate as rivals tear strips off each other 16 Comments What to do if you get in financial hell and debt - and all the help available 2 Comments Nadhim Zahawi may get £3,600 off energy bills under Tory energy rebate loophole 1 Comments UK's cheapest petrol spotted by drivers at £1.69 a litre - 20p less than average price 1 Comments Amazon plans to create 4,000 new permanent jobs as it joins 10 biggest UK employers 4 Comments First £326 cost of living payment due this week - who's getting it and why 78 Comments Martin Lewis on how much your energy bill will rise in October based on what you pay now 28 Comments DWP: Date first part of £650 cost of living payment will hit bank accounts confirmed 4 Comments Tory candidates challenged to 'come clean' on impact of their tax slashing plans 15 Comments Martin Lewis warns Britain faces energy bill strikes as households refuse to pay 1 Comments Disputes between Government and PPE suppliers could cost taxpayers £2.7billion, MPs warn 9 Comments Cost of living: All YOUR questions about £650 payments from next instalment to pension 14 Comments When is the second half of the £650 cost of living payment being sent and how much is it? 19 Comments One million families have no savings to fall back on as cost of living bites 2 Comments Martin Lewis says savings rates hit a 10-year high - but many banks still ignore savers Comments AA issues important message to anybody filling up car with petrol in next two weeks 80 Comments Martin Lewis issues warning for energy bill 'catastrophe' and says 'I feel sick' 19 Comments Prospective Birmingham owners hold promising talks with boss John Eustace amid takeover Comments Full list of everyone who won't get £650 cost of living payment - and why 239 Comments Save money on your Zara shop with Martin Lewis' holiday hack Comments 7 savage put-downs in ITV Tory leadership debate as rivals tear strips off each other 16 Comments What to do if you get in financial hell and debt - and all the help available 2 Comments Nadhim Zahawi may get £3,600 off energy bills under Tory energy rebate loophole 1 Comments UK's cheapest petrol spotted by drivers at £1.69 a litre - 20p less than average price 1 Comments Amazon plans to create 4,000 new permanent jobs as it joins 10 biggest UK employers 4 Comments First £326 cost of living payment due this week - who's getting it and why 78 Comments Martin Lewis on how much your energy bill will rise in October based on what you pay now 28 Comments DWP: Date first part of £650 cost of living payment will hit bank accounts confirmed 4 Comments * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Powered by Homeowners have the ability to decide the nightly price they charge on their accommodation and research from the company showed that half of all new listings received a booking within five days of activation. Travel chaos and cost of living leave Britons holidaying at home ( Image: Anadolu Agency via Getty Images) A recent survey by holiday cottage rental agency Sykes revealed that more than three-quarters of Brits (77%) are planning to holiday in the UK this year. As Brits are forced to cut costs due to rising prices, David Hannah expects staycations will remain popular for UK travellers. PROMOTED STORIES However, Hannah states that whilst the demand for UK Airbnb properties is evident, it is critical you take the right steps to prepare your annexe or outbuilding before making it available. He suggests taking these steps to get a property Airbnb ready: Exact time UK heatwave will come to an end as heavy rain to drench the country 1. The first and the most basic thing to start off with is to make sure the area is suitable for use as a dwelling. Make sure it contains all the basic necessities for living – somewhere to cook, bathe, go to the toilet and of course, sleep. 2. If you’re converting an outbuilding into a living space, make sure it has proper insulation. But to start any kind of work, you are going to need planning permission. This could take several months depending on where you are and the state of your property. 3. You need to make sure that your annexe or outbuilding has a separate meter so that you can recover part of the costs of electricity and heating against the income that you earn from Airbnb. 4. The important thing is to count everything that you use wholly and exclusively in that business and put it into your accounting software and claim it against your income tax – maximising the return. 5. To run that place as an Airbnb, you need to register yourselves with HMRC as having this new trade, so that you can do self-assessment returns at the end of the tax year. 6. Once you are registered, you need to market it by uploading the property to Airbnb. You can even build your own website to increase the promotion. Once online, you are ready to have guests booking in. Read More Met Office issues severe thunderstorm weather warning as end of heatwave in sight Read More Red-faced BMW driver stuck on beach in heatwave after ignoring 'no cars' sign Most Read 1. 2. 3. Don't Miss 1. 2. 3. 4. FollowMirror FacebookTwitter Comments2 PROMOTED STORIES MORE ON PROPERTY NEWSHEATWAVEWEATHERAIRBNB SIGN UP TO FREE EMAIL ALERTS FROM OUR PROPERTY MARKET NEWSLETTER Subscribe Invalid EmailSomething went wrong, please try again later. We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Thank you for subscribingWe have more newslettersShow me See ourPrivacy Notice Up Next Supermarket worker shares secrets to saving up to 90% on your weekly food shop Most Read 1. Supermarket worker shares secrets to saving up to 90% on your weekly food shop 2. All major shops helping with cost of living - from £1 Asda meals to free Amazon TV 'When I play football, people don’t know I’m autistic or have ADHD; I can just be me' 3. Aldi shoppers go wild for its new Olaplex dupe range - and it’s dirt cheap 4. Cost of running an electric fan all night as Britain hit by 40C heatwave 5. Petrol prices: Best dates to buy fuel as AA predicts tank will get £10 cheaper Recommended 1. Converted Boeing 747 plane lets guests sleep in the cockpit and eat on the roof 2. Travelodge worker slams hotel guests as ‘animals’ after room left in horrendous state 3. Huge train strikes affecting 15 firms announced for two days in August PROMOTED STORIES 4. Luton Airport cancels ALL flights after runway melts in extreme heatwave 5. World's most powerful passports for 2022 revealed as UK changes ranking PROMOTED STORIES 6. PROMOTED STORIES 7. 8. 9. 10. 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