If are intending to rent out your accommodation during the 2012 Olympic and Paralympic games (as during other times) then you should check the tax implications of this income as follows. 

Letting furnished rooms in your home

If you rent out a furnished room in your home them you can take advantage of the rent a room scheme. You can receive up to £4,250 (£2,125) a year tax free if you rent out furnished accommodation in your only or main home. The tax free amount is ‘gross’ income – total receipts before taking away expenses. For further information see Direct Gov The Rent a Room scheme. 

Letting residential property

If you rent out your home and live elsewhere during the games then any profits you receive on letting your home are taxed as residential property lettings. The profit is your total rental income less allowable expenses and any allowances that may be available . The taxable profit from your property letting is added to your overall income. If your overall income is more than your personal allowances then you will pay tax on your property rental income (at income tax rate applicable to income threshold). For further information see Direct Gov Tax on rent from residential property lettings  

You will need to notify HMRC of this income as depending on circumstances you may need to complete a self assessment tax return if not already. 

If you own the home jointly then you should seek further advice as depending on the circumstances you may both have a share of the taxable profits from renting out your home. 

Please contact us if require further advise