Airbnb Income Tax

C

cremeegg

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There must be many other people completing tax returns for Airbnb income at the moment.

Should it be recorded as Rental Income or as Self-Employed Income on the Form 11.

I would be glad to hear what other people are doing.
 
Depends on the circumstances but short-term accommodation provision is generally self-employment.
 
Related point -who is taxable husband or wife if house in joint names?
 
Tommy, your query regarding who's carrying on the trade got me thinking; one can make a lot more money from AirBnB; are there people who pay landlords a premium to take their properties with a view to them making a premium on that?

Thanks.
 
T McGibney said:
Who is carrying on the trade? Ownership of the property is largely moot.
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I am surprised by this. Does it matter if there is a mortgage on the property, as the interest would be a cost.

Can I set my kids to work running an Airbnb business in a property I own and put the income down as theirs for tax purposes. They could buy my groceries for a change.
 
cremeegg said:
Does it matter if there is a mortgage on the property, as the interest would be a cost.
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It may. As always it depends on the circumstances. If I'm running an AirBnB operation in your house and earning something for myself from it, I would expect that this counts as my income, not yours. If I'm doing so and you're using the net proceeds to pay down your mortgage, its your income. Am I entitled to claim as a deduction against my taxable income, an overhead that someone else is incurring, I think not.

cremeegg said:
Can I set my kids to work running an Airbnb business in a property I own and put the income down as theirs for tax purposes. They could buy my groceries for a change.
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That sounds like something that would fall foul of general anti-avoidance.
 
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