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As a general rule, you will need to pay income tax at the usual rate on money earned from hosting on Airbnb.
Your actual tax bill will depend on a few things:
In this case it’s pretty simple!
As long as you also live on the property, if you earn under £7,500 from Airbnb, this doesn’t count as taxable income so you don’t need to do anything. This is called the Rent a Room relief.
If the property is owned jointly, the Rent a Room allowance is split between you two – but so is the Airbnb income, so the total tax is actually the same. Read more about this here.
If you are listing a property that’s not your home, then you will be taxed just like regular business owners:
If your property qualifies as a furnished holiday letting, you’ll luckily be entitled to a few tax reliefs and advantages:
This information will be available in your Airbnb account. Simply visit your transaction history page.
You’ll also need a certificate in the Isle of Man, Guernsey and Jersey.
We recommend you contact your local City Council before you host on Airbnb, just to be sure!
If you’re having trouble sorting your self assessment tax return due to Airbnb profits, just sign up to TaxScouts and we’ll do it for you for just £149, all in! Find out more here.
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