UK tax for hosts

[Edward279]

Do hosts in the UK need to pay tax on their Airbnb income? 

[Jeff158]

@Edward279  As you host an entire place there is not a lot of tax relief available. I would advise making an appointment with a local accountant, they could save you thousands in capital gains tax when you come to sell the place and will inform you of what items can be deducted from your income.

The acountants bill is also a tax deductable amount.

[Helen3]

I agree with @Jeff158  and accountant is always useful for helping you manage your taxes.

@Jeff158  you have been hosting for a while now so should I think have accounted for the income on your last tax return at the end of January?

[Jeff158]

@Helen3  I'm a good boy and I've submitted my tax return in May or June every year for 47yrs (god i'm getting old)

[Helen3]

Now I have learnt something new @Jeff158  - I thought the personal tax returns always had to be submitted by end of January - I blame all those government ads which tell us that 🙂

And apologies I meant @Edward279  when I was talking about the tax retrun - sorry clearly having a slow morning !

[Jeff158]

@Helen3 you can submit your tax return anytime after the 6th April. Although January the following year is the latest you can submit it without fines.