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Taxman to target those
renting properties through Airbnb
HMRC (Her Majesty's Revenue and
Customs) is to set to target those making money from renting out property
through Airbnb, ACCA (the Association of Chartered Certified Accountants) is
warning. Chas Roy Chowdhury, ACCA head of Taxation, said:- "Money made by
renting out a property through Airbnb will be classed as income and must be
declared to the Taxman. If you are using the website to rent out a property
you own then I would strongly advise you to make the necessary declaration
to HMRC.
If you make a voluntary declaration to HMRC, rather than wait for them to
come knocking, it is far less likely you will receive a fine. HMRC are under
tremendous pressure from the government to increase the Tax Revenues
collected and if they believe that you are deliberately withholding
information about a source of income they will look to penalise you.
If this is a 2nd source of income is it likely you will owe Tax on all
income from the rental. If you are unsure you should seek the services of a
Chartered Certified Accountant, who will be able to advise you how to
declare this income and what needs to be declared." You can search
for a Chartered Certified Accountant
here. |
