Landlords need to be aware that HMRC will know about their lettings through Airbnb, so should make a full disclosure if they have undeclared Airbnb income.
HMRC has for some time been using it’s connect data analysis system to collect information about property income and gains from various sources. But now in addition, Airbnb has confirmed recent news reports that it is providing HMRC with information that will enable it to identify users of the platform and their rental income receipts.
If any users of the Airbnb platform, or indeed any landlords generally, need to bring their tax filings up to date they should do so without delay. Where the property income or gains relate to earlier tax years, full disclosure should be made under HMRC’s let property campaign or suitable disclosure facility as soon as possible.
If you would like to discuss, or require assistance to consider your position, please call a member of our Private Client Tax team on 01788 539000.