Hey

[Jane3572]

Just wondering if someone can tell me how you work what tax you owe from airbnb takings as this is my first year 

many thanks

Jane 

[Mike-And-Jane0]

@Jane3572 it is complex as different rules apply for different property types. Also I don't know if the rules in Scotland are the same as the UK.

If I were you I would look on gov.uk and search for Furnished Holiday Lets as these give the best tax treatment if you qualify. Be aware though that once you are effectively a business you will pay CGT when you sell the property.

Other things not mentioned on gov.uk:

Consider registering for business rates as small business rates relief will probably mean you pay nothing

If you are a FHL and own with a partner you can allocate the revenue as you want to either party thus maximising use of personal allowances and tax rates.

Hope this gives some pointers - After that you'll need an accountant.