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CunningPlan

Are shock tax bills on the way for British Airbnb landlords?

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http://www.telegraph.co.uk/finance/personalfinance/tax/11796861/Are-shock-tax-bills-on-the-way-for-British-Airbnb-landlords.html

British people who rent out their spare rooms through Airbnb could soon find their details handed to HMRC, experts warn, after the company has been forced to share data about its Irish users with the tax authorities in Ireland.

.....

Sean Wakeman, tax investigations partner at Crowe Clark Whitehill, said: “It is inconceivable that when HMRC can demand information from the likes of Amazon and Ebay that it will not seek to exploit the relatively low hanging fruit of Airbnb.

“In the current age of transparency, it would be hard for Airbnb to hide behind any jurisdictional veil of secrecy. Individuals who have rented out rooms for sums in excess of the non-taxable rent-a-room allowance should take expert advice with a view to declaring any sums of tax owing thought to HMRC’s let property campaign.

Intersting, especially in light of the other discussion about HMRC 'not bothering' with Landlords.

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Also interesting in light of the budget making an explicit comment regarding the rent a room scheme on a long term basis see http://www.buzzacott.co.uk/news/spring-budget-2017-rent-a-room-relief-–-changes-ah .

At the moment I suspect the rent a room allowance makes HMRC rather uninterested in chasing a lot of airbnb room rentals. That may not be the case going forward.

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5 minutes ago, monkeyprojects said:

Also interesting in light of the budget making an explicit comment regarding the rent a room scheme on a long term basis see http://www.buzzacott.co.uk/news/spring-budget-2017-rent-a-room-relief-–-changes-ah .

At the moment I suspect the rent a room allowance makes HMRC rather uninterested in chasing a lot of airbnb room rentals. That may not be the case going forward.

 

On the other hand, if the government's IT were any good - it would likely be an easy job for HMRC to get AirBnB to give you a list of any high earners, do a speculative calculation and mail it out. 

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8 minutes ago, monkeyprojects said:

Also interesting in light of the budget making an explicit comment regarding the rent a room scheme on a long term basis see http://www.buzzacott.co.uk/news/spring-budget-2017-rent-a-room-relief-–-changes-ah .

At the moment I suspect the rent a room allowance makes HMRC rather uninterested in chasing a lot of airbnb room rentals. That may not be the case going forward.

I think it could also be looking at the fact that rather than being a 'rent a room' type business as I think originally intended, it has become much more a 'rent an entire flat' option which has an entirely different tax system.

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Governments are coming after the tax-dodging Silicon Valley companies, no question.

They know the public is on their side with the Great Revolt too.

Snapchat interestingly have set themselves up to pay tax and avoid THE HEAT OF THE TAXMAN.

This trend could burst the Dot Com Bubble. 

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Shock?

Lets see... "undeclared income" + recorded transactions on high quality commerce portal?

None here. We've already got the £7,500 RaR scheme. Just play by the rules. How greedy and stupid are people?

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