Households could generate £thousands per year by sharing their cars and parking spaces.
YourParkingSpace, which enables homeowners to rent out their spare parking spaces and driveways, has reported that one in three adults are already using digital sharing economy platforms to make money from their underused assets – and that figure is set to grow.
“The introduction of digital apps has made it far easier for individuals to connect and share items that they don’t make full use of, and we’ve seen a surge in the numbers of people using our service over the past couple of years, explained Harrison Woods, of Your Parking Space.
As from April 2017 those renting out their underused assets, such as driveways and parking spaces, will find it even easier to do so with the Government announcing a tax break for those using sharing economy platforms.
“We’re going to help the new world of micro-entrepreneurs who sell services online or rent out their homes through the internet,” said former Chancellor, George Osborne, in his annual Budget speech earlier this year.
“Our tax system should be helping these people so I’m introducing two new tax-free allowances each worth £1,000 a year, for both trading and property income. There will be no forms to fill in, no tax to pay – it’s a tax break for the digital age and at least half a million people will benefit.”
Harrison Woods, of YourParkingSpace, commented, “It’s great to see the UK Government acknowledging the significance of the sharing economy. It’s a big business that will expand significantly over the coming years and support the UK economy, which is good news for everybody.”