Marshall Smalley Accountants’ Post

Have you used AirBnB to rent out your property? Did you realise, income received for renting your property should be declared to HMRC? Like lots of big organisations, AirBnB are now required to provide to data to HMRC in relation to transactions on its platform. This means if you have used them to list your UK property, or you have used them to list an overseas property and are required to pay UK tax, then HMRC could well know about it. What does this mean? HMRC will be reviewing the data and checking it to their records. If they discover AirBnB income they don't know about, then they will be in touch with you. HMRC could launch investigations on all your income going back several years. This could mean penalties, tax and interest that you weren't expecting. So what do you do now? Don't bury your head in the sand and hope the tax man doesn't catch you! Let us help you resolve things. We can review your position, ensure any tax bill is as low as possible, and put things right with HMRC. Get in touch on 0115 956 9452, email us at info@marshallsmalley.com or drop us a DM. #accountantNottingham #accountantGedling #AirBnB #rentalincome

Have you used AirBnB to rent out your property? Did you realise, income received for renting your property should be declared to HMRC? Like lots of big organisations, AirBnB are now required to provide to data to HMRC in relation to transactions on its platform. This means if you have used them to list your UK property, or you have used them to list an overseas property and are required to pay UK tax, then HMRC could well know about it. What does this mean? HMRC will be reviewing the data and checking it to their records. If they discover AirBnB income they don't know about, then they will be in touch with you. HMRC could launch investigations on all your income going back several years. This could mean penalties, tax and interest that you weren't expecting. So what do you do now? Don't bury your head in the sand and hope the tax man doesn't catch you! Let us help you resolve things. We can review your position, ensure any tax bill is as low as possible, and put things right with HMRC. Get in touch on 0115 956 9452, email us at info@marshallsmalley.com or drop us a DM. #accountantNottingham #accountantGedling #AirBnB #rentalincome

Did you know you can earn up to £7,500 tax-free with Rent a Room Relief if your Airbnb is part of your home? For tax tips on how to manage your Airbnb earnings effectively check out our full article.

Did you know you can earn up to £7,500 tax-free with Rent a Room Relief if your Airbnb is part of your home? For tax tips on how to manage your Airbnb earnings effectively check out our full article.

Do you rent a property out on AIRBNB? 🏠 As you may know, Airbnb is one of many platforms that have provided HMRC with all financial details of those who use the application to rent out their properties 🤕 If you've not been declaring your income from Airbnb then you need to get this done immediately. We've been contacted by a few people in the past week who have already had letters through the door from HMRC saying they owe thousands in unpaid tax🚪 Make sure you declare yours today to avoid any late penalties and interest 😭 For more information on how we can help you become more tax efficient with your property business give us a message today to find out how we can help you 📱 #accounting #accountingservices #manchester #accountants #charteredaccountants #accountantsofinstagram #business #localbusiness #property #investmentproperty #rentalproperty #propertymanager #propertyagent #realestateinvestor  #airbnb  #airbnbhost  #airbnbsuperhost  #airbnbhomes  #airbnbexperiences

Do you rent out a property or a room in your own home? Did you know that since 1st January 2024, platforms such as Airbnb have been required to notify HMRC of your earnings? Although many landlords report their taxable income to HMRC, others do not and are therefore guilty of tax evasion. The good news is that if you live in the property and earn less than £7,500 a year from hosting on Airbnb, no tax is payable thanks to the Rent-a-Room scheme. If you earn more than £7,500 a year, you’ll need to declare it to HMRC by submitting a self assessment tax return, but you’ll only pay tax on the amount above £7,500. Get in touch if you would like an accountant to help with your individual rental situation. #accountants #airbnb #tax #rentaroom

🚨HM Revenue & Customs has launched nearly 2,000 investigations into unreported income by holiday homeowners in the past year, a sharp rise from 375 the previous year. This intensified scrutiny follows a surge in holiday let investments using apps such as Airbnb post-pandemic. Key Points: 🔍 Increased Investigations: HMRC's efforts have significantly escalated, with investigations jumping from 95 in 2021-22 to nearly 2,000 in 2023-24. 🏡 Market Impact: One in ten homes in some areas are owned by non-locals, raising concerns about locals being priced out. 📉 Policy Changes: The abolition of tax relief on Furnished Holiday Lettings is causing concern among investors. 📊 Owner Sentiment: Despite increased taxes, 86% of owners have no plans to exit the market, and 50% are considering buying more properties. 💬 HMRC's Commitment: “It’s our role to ensure owners pay the right tax, creating a level playing field for all,” says an HMRC spokesperson. Staying informed and compliant is key as the sector evolves. 🏘️💼 Follow Rent My Home UK for more updates. #HolidayLets #TaxCompliance #HMRC #RealEstate #Investment #PropertyMarket #Taxation #MarketTrends

Beyond revenue, further regulation is likely to ensure that private gain from short-term rentals is not at the expense of supply of long-term accommodation. Read the full article: The AirBNB Tax ▸ https://lttr.ai/ASQ6u #‘AirbnbTax #asbconsultingandtax #accountant

📢 Canadian Airbnb Owners: New Tax Alert! 🇨🇦🏡 Canadian Airbnb owners may now face a 13% HST when selling their property! 💸 In a recent tax ruling, the Tax Court of Canada has classified short-term Airbnb rentals as commercial rather than residential—meaning HST applies if your property resembles a hotel-like business model 🏨. 🔍 Key Points: Applies to rentals under 28 days if operated like a hotel 🛎️ Case in point: An Ottawa owner received a $77k tax bill after 9 years of renting out her property! 😱 If you rent your property 90% of the time or more, you could be affected 💼 Does This Apply to You? 👀 Consult your accountant for clarity as the 90% rule is still a bit vague! 💬 What do you think? Should Airbnb owners be hit with this extra tax? Comment below—I’d love to hear your take! 👇 #CanadianAirbnb #AirbnbOwners #CanadianTaxes #HST #ShortTermRentals #TaxAlert #RealEstateCanada #Airbnb #Investment #vancouver #surrey #langley #cloverdale #clayton #abbotsford #ottawa #toronto #calgary #edmonton

Attention all Airbnb owners in Canada! Recent changes to Canadian tax laws mean that Airbnb owners will now have to pay a 13% Harmonized Sales Tax (HST) when selling their short-term rental properties. This change impacts those of you who’ve invested in short-term rentals as a business and could add significant costs to any future sale. For many, this tax shift underscores the importance of strategizing early. If you’re considering selling or re-evaluating your property’s use, now might be a good time to connect with a tax advisor. I’ll continue to keep you updated as more details become available.