Do you have undeclared property income? If so, read on.....
HMRC have been using their Connect data analysis system for years to obtain data concerning property income and gains from various sources.
Landlords should be aware that the Airbnb UK accounts for the year to 31.12.19 include a statement that the company will
share data with HMRC about the earnings of hosts on its UK platform in the years 2017-18 and 2018-19.
The Airbnb data will allow HMRC to launch targeted enquiries into the tax affairs of individuals who have not declared their
lettings income for 2017-18 and 2018-19. The deadline for opening an enquiry into a self assessment return for 2018-19 is
31.1.21 if the return was issued and submitted on time. However the discovery rules allow HMRC to go back much further,
with the data provided by Airbnb certainly constituting a discovery for HMRC's purposes, so up to 20 years will be open for
Down to earth accounting for small businesses
When it comes to running a small business, you’ve got a lot to think about – and keeping on top of your accounts can often get pushed to the bottom of your to-do list.
I’m here to help. From bookkeeping and payroll support to making sure you’re not overpaying your taxes, I can do as much or as little as you need – leaving you free to get on with growing your business.