Reuters have reported that the Airbnb UK accounts for the year to 31 December 2019 include a statement that the company will share data with HMRC about the property income of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. See the original article here.
The Airbnb data will allow HMRC to launch targeted enquiries into the affairs of individuals who have not declared their lettings income for 2017/18 and 2018/19. The deadline for opening an enquiry into a self assessment return for 2018/19 is 31 January 2021, if the return was issued and submitted on time.
However, the discovery rules allow HMRC to go back much further, up to 20 years in some cases. The data provided by Airbnb will constitute a discovery for HMRC’s purposes, so up to 20 years will be open for enquiry.
Where a person has omitted some or all of their residential property income for earlier tax years, they should consider disclosing information under HMRC’s Let Property Campaign or where property is located overseas, via the Worldwide Disclosure Facility.
Let us know if you would like us to help you bring your letting income reporting up to date.