It has been reported that Airbnb are sharing details of hosts who have been letting out property in the UK in the tax year 2017/2018 and 2018/2019. Following this it is likely that HMRC will be targeting hosts to check whether they have reported this income to HMRC.
For a host that lets a room in their own home and the income is less than £7500 per annum (£4250 prior to 2016/2017) there is no reporting requirement as it is covered by “rent a room relief”. However, where income is above the rent a room limits or if other property is let and the income exceeds £1000 per annum then the income will need to be declared to HMRC.
If property income needs to be declared to HMRC for 2019/2000 then hosts should include the income on their tax return or contact HMRC as soon as possible to do so.
For years up to and including 2018/2019 those hosts that haven’t previously declared income to HMRC should do so as soon as possible via their “Let Property Campaign”. Penalties for non-declaration of income will be less via this campaign than if contacted direct by HMRC.
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