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Owners of UK holiday lets will face investigations by HMRC if they fail to properly report their earnings from Britain’s record staycation boom of the last two years, warns national accountancy group UHY Hacker Young.
HMRC has the power to request information or documents from third parties such as holiday booking sites. This includes entire databases of popular holiday booking sites.
AirBnB has previously agreed to share information on income earned by its UK hosts as part of a 2020 tax settlement with the Treasury. As part of the deal, the company agreed to pay an extra £1.8m in tax and share data on hosts’ incomes with HMRC.
