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HMRC on the prowl over summer sports property lets

04 July 2017
Issue: 4606 / Categories: News

Clamp down on undeclared income is under way.

Home owners who wish to make the most of their proximity to Wimbledon and other sporting events this summer should be wary that HMRC will be looking for any undeclared income.

Stefanie Stapleton personal tax manager at Blick Rothenberg said: ‘The rise of websites such as Airbnb demonstrates the popularity of short-term lets and taxpayers should bear in mind that if potential customers can see their advertisements online so can HMRC.’

However from 6 April 2017 two new allowances were due to be introduced and may yet. A new trading allowance would exempt the first £1 000 of trading income a year and would cover for example selling strawberries or bottled water from outside the home. The second covers the first £1 000 of rental income. This would include income from letting out parking spaces or driveways as pitches for traders.

These allowances...

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