Back in October 2020, Airbnb reported that many of the people who let out properties on its site hadn’t declared their income to the taxman. As with all other forms of earnings, any money you make from letting out a home through Airbnb or a similar site must be included in your self-assessment tax return.
With so many people not reporting the income they make from holiday rental properties, HMRC is now cracking down. If you haven’t reported income from a property that you let out to tourists and holidaymakers, tell HMRC right away and it will give you 90 days to pay your tax bill in full.
Failure to do this will result in interest and a fine being applied as well, plus HMRC retains the right to launch a criminal investigation that can cover your last two decades of accounts.
We’re here to help with all things tax! Call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in our contact form.
