Airbnb income on government rent-a-room scheme

Discussion in 'Accounts & Finance' started by Justin B1212, Jan 11, 2021.

  1. Justin B1212

    Justin B1212 UKBF Contributor Free Member

    49 1
    I set up myself as a self trader and I rented two of my rooms to Airbnb guests in 2019-2020. On my self assessment return, could I use the government rent-a-room to work out the tax return for my bed and breakfast business? If so, how do I fill it out on the self assessment return? Many thanks.
     
    Last edited: Jan 11, 2021
    Posted: Jan 11, 2021 By: Justin B1212 Member since: Jul 3, 2020
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    16,770 3,561
    Posted: Jan 12, 2021 By: Scalloway Member since: Jun 6, 2010
    #2
  3. Justin B1212

    Justin B1212 UKBF Contributor Free Member

    49 1
    Thank you so much for the information. How do I add my business name on the self assessment ? I can’t see a place on the page above to add my business name.
     
    Posted: Jan 12, 2021 By: Justin B1212 Member since: Jul 3, 2020
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    16,770 3,561
    Unless you are also self employed I don't think HMRC expect you to provide a business name.
     
    Posted: Jan 12, 2021 By: Scalloway Member since: Jun 6, 2010
    #4
  5. Justin B1212

    Justin B1212 UKBF Contributor Free Member

    49 1
    I am self employed, so how do I provide the business name and apply the rent-a-room £7500 allowance on the self assessment form? Many thanks.
     
    Posted: Jan 12, 2021 By: Justin B1212 Member since: Jul 3, 2020
    #5
  6. Scalloway

    Scalloway UKBF Legend Free Member

    16,770 3,561
    You either are self employed and complete the self employed section of the tax return or you complete the UK Property section and use Rent a Room. Only the full version of the self employement pages requires the business name. You only need to complete the full version if your self employed turnover exceeds £85,000.

    https://assets.publishing.service.g...ment_data/file/874594/sa103f_English_Form.pdf

    https://assets.publishing.service.g...nt_data/file/874368/SA103s_-_English_Form.pdf

    I don't think HMRC will be too bothered about the business name if you pay the correct tax.
     
    Posted: Jan 12, 2021 By: Scalloway Member since: Jun 6, 2010
    #6
  7. Justin B1212

    Justin B1212 UKBF Contributor Free Member

    49 1
    Thank you so much for the information. My wife declared the Airbnb income on her self assessment and paid the tax for the amount above £7500. But I realize now I need to declare this Airbnb income under my name, not her name. Is it ok to amend her self assessment and mine, ask her to claim the refund from HMRC and then for me to pay the tax under my name?
     
    Posted: Jan 14, 2021 By: Justin B1212 Member since: Jul 3, 2020
    #7
  8. Scalloway

    Scalloway UKBF Legend Free Member

    16,770 3,561
    Posted: Jan 14, 2021 By: Scalloway Member since: Jun 6, 2010
    #8