HMRC crackdown warning as '2,000 investigations opened'

People who let out properties on a short-term basis via platforms such as Airbnb have been given a warning by a tax expert. Andy Wood from Crypto Tax Degens has highlighted the "critical tax responsibilities that holiday-let owners, particularly those using platforms like Airbnb, need to be aware of to avoid hefty fines or legal repercussions".

"Fulfilling tax responsibilities is important for Airbnb and holiday letting landlords to avoid legal issues. With HMRC paying close attention to undeclared rental income, landlords should accurately report their earnings to avoid penalties of up to 30% of the tax due. "Not declaring rental income can lead to severe consequences, including large fines or even imprisonment in extreme cases. Property owners must meet their tax obligations to avoid these outcomes. This includes short-term rental hosts on platforms like Airbnb, subject to the same tax rules as traditional landlords.

Tendendo

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Full list of DWP and HMRC payments to be paid early next weekThe Early May bank holiday will affect payments scheduled for that date as banks will not be processing benefits
Source: leedslivenews - 🏆 118. / 51 Read more »

HMRC pays back £198m in overpaid tax - but £100 tip can prevent paying too muchIn total, over £1.2bn has been repaid by HMRC in overpaid tax on flexible pension withdrawals
Source: MENnewsdesk - 🏆 23. / 69 Read more »

HMRC warns parents not to miss out on £1,331 extra cashParents and carers could be missing out on vital benefit payments – worth over £1,000 a year
Source: Netmums - 🏆 42. / 63 Read more »

HMRC repays record £198m in overpaid tax on pension withdrawalsThe £100 tip can stop you from being caught out by the tax man - here's what you need to do.
Source: Daily_Record - 🏆 9. / 89 Read more »

The scam that HMRC hasn’t been able to stop and how to avoid itExperts have warned businesses to be vigilant to the new scam as they could lose thousands of pounds
Source: i newspaper - 🏆 8. / 89 Read more »

HMRC warning for millions of married couples who could be hit with tax billsTwo million married couples and civil partners who claim Marriage Allowance as a tax benefit could now find themselves targeted
Source: LiveLancs - 🏆 10. / 87 Read more »