Supplement your income with help from Rocket Lawyer

With the new school year starting, the cost of living going up, and even Christmas almost around the corner, it’s a great time to see what you can do to bring in extra money. Read this blog to learn about some key legal documents that can help you to confidently supplement your income. 

Rent out a spare room

If you’re lucky enough to have a room spare in your home, consider renting it out to a lodger.

Be aware of: 

  1. Lodgers’ rights. While lodgers don’t generally have as many rights as tenants renting a whole property, they do have rights you must uphold. For example, lodgers have a right to be given ‘reasonable’ notice if you’d like them to leave
  2. Tax implications of renting out a room. For example, the tax-free rent thresholds available under the Rent a Room scheme 

Make a Lodger agreement to clearly set out the rent, rules, and rights you’ve agreed to with your lodger. You can also create House rules for lodgers to clearly communicate your expectations of the person you’re taking into your household. For more information, read Taking in a lodger.

Sell unwanted items 

It’s a good idea to create a formal contract if you’re planning to sell anything that you no longer need. This can help protect you by providing a clear record of your sale and by offering a potential opportunity for legal recourse if anything goes wrong. This can be useful if, for example, your buyer changes their mind or decides to argue that you agreed to a different price or terms. 

Make a Sale of personal goods contract to set out the price, delivery terms, any warranties or guarantees, and more details of your sale. Sell your car with our Vehicle bill of sale that sets out the buyer’s and seller’s obligations and declarations (eg regarding the status of the vehicle). 

You can also use these documents to help protect you as a buyer if you’re looking to purchase any second hand goods (eg vehicles, electronics, or furniture).

Take more time for your side hustle

You may have an opportunity to take on more work via a second job or your own small business to make some extra money – but this may not fit with your work schedule. Utilising a flexible working arrangement could help you to accommodate these other commitments. 

The Employment Rights Act 1996 grants employees who have been with their employer for at least 26 weeks the right to make a request for flexible working (eg working over different hours and/or locations) that their employer must consider. If an employer chooses to decline your request they must do so based on one of certain specified reasons (eg because it would incur extra costs). 

You can use our Flexible working request template to help you clearly communicate your request to your employer. For more information, read our guidance on Flexible working.

What else can you do to save or earn?

You can make use of some of Rocket Lawyer’s other resources to help you save money and to manage any debts that you may have or be owed. For example, you could: 

  • make a Repayment agreement to clarify a debt that you owe or are owed and to make a manageable plan for repayment
  • make an Energy repayment plan if you’re behind on your energy bills, to propose a plan for repayment to your energy supplier
  • use the advice in our Energy saving checklist to see how you may be able to get help with energy bills or save energy 

 

These are just a few of the things you can do to bring in extra money in an organised and legally cautious way. Remember that, if you have any questions about how to use our documents or which document best fits your purposes, you can Ask a lawyer for assistance.

India Hyams

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