Advise please

[Jo620]

 Had received this today. I am going through my 1st year.So i would like advice please on what to do thanks 

[Mike-And-Jane0]

@Jo620 It is the UK tax year that runs from April 2020  to April 2021 that requires a tax return done by end Jan 2021. Depending when you started hosting you may or may not come under this or you will have until next year to file a tax return (assuming you need to).

I say 'assuming you need to' because as a private room host (if you only have one) then there is a tax free allowance of £7500 ( I think) so you probably don't need to do anything.

[Jo620]

@Mike-And-Jane0 Happy new year to you both. Yes, I have just one room with breakfast. So this tax-free allowance is within the Airbnb?

[Mike-And-Jane0]

@Jo620 see advice from government below

Opting in or out of the scheme

If the amount you earn from renting out the room is less than the thresholds of the Rent a Room scheme, then your tax exemption is automatic and you don’t need to do anything.

If you earn more than the threshold, you must complete a tax return (even if you don’t normally). You can then do one of the following:

• Choose to opt into the scheme – in which case you need to let HM Revenue & Customs know this on your tax return and claim your tax-free allowance.
• Not opt into it – in which case you simply record your income and any associated expenses on the property pages of your tax return.

To request a tax return if you don’t normally receive one, contact HM Revenue & Customs using the link below.

There’s no special form for telling HM Revenue & Customs you don’t want to be part of the scheme. If you earn more than the threshold or already complete a tax return you simply declare the relevant lettings income and expenses when completing your tax return.