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Tuesday, 21 February 2023 15:32

HMRC targets short-term landlords over unpaid tax

HMRC is reminding customers who own short-term letting properties to report and pay tax on their earnings in an effort to stamp out tax evasion.

This includes short-term landlords who use sites such as Airbnb to let out their properties.

According to the latest agent update, the campaign will encourage these taxpayers to officially report their income and meet their obligations to HMRC.

Taxpayers who rent rooms in their own homes do not heed to declare their rental income unless they earn more than £7,500 per tax year. This limit drops to £3,750 if two people receive income from that same property.

However, this tax relief does not apply to income gained from letting additional properties. Instead, landlords can receive a £1,000 tax-free allowance on any rental income from second homes.

HMRC will use various information they hold on taxpayers, such as details of property rentals, to identify which customers to target in their campaign.

For more information on the tax implications of rental properties, please contact us.

Last modified on Tuesday, 21 February 2023 15:52


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