Did You Rent Property During The Commonwealth Games?

During the Commonwealth Games, a number of property owners wanted to boost their income by renting their homes, a room or other properties to spectators, athletes and organisers. Unfortunately, if you did this, you may soon receive a letter from HMRC ...

Sporting events covering multiple days can provide a great chance to fill unused rooms or houses and earn additional income. Do remember though, according to HMRC, short-term rental income is taxable.

"You may be forced by HMRC to sign-up for self-assessment and disclose it!"

HMRC has many sources of information about potential taxpayers, including booking sites like Airbnb, and is now writing to specific individuals to make it as straightforward as possible to assist them to pay their taxes. Letters may look scary at first, but certain exemptions are available, even if these letters make it look like there aren't any.

If the property is not your primary residence, it's possible for you to receive up to £1,000 in relief each year. If you're letting out rooms in your primary residence that are furnished, you could be eligible for the rent-a-room initiative which is a great option.

"There is a potential exemption worth up to £7,500 per year!"

We all know that taxation, allowances and reliefs are complicated areas so if you did rent your home, a room or other properties out during the Commonwealth Games, then do get in touch.

If you'd like to find out more about anything I've written here, do call me on 01908 774323 or leave a comment below and let's see how I can help you.