Many people rent out part of their home - whether to an individual or to a business. There are a number of tax implication of doing this which must be considered. Remember that tax relief on interest on loans to buy your home has now been abolished (ie MIRAS).
We all like to pay as little tax as possible and here are some tax efficient ways to save money (and tax!). If you do not want the tax saved for yourself then you can always make a gift to a charity and possibly save even more tax.