Should I Declare My New Lodger?

I've recently taken on a lodger who rents the spare bedroom. The rent is £300 per month. I'm a UK tax payer (teacher) do I need to declare this lodger on any tax returns and do I need to pay tax on this additional income I am receiving?

Answer: Under the 'rent-a-room' scheme the £300 a month rent is exempt from income tax. The room must be furnished. You must send in to the Revenue the UK Property supplementary page of the self assessment tax return, and complete box 4 on page 1.