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.
If your gross receipts from letting are not more than the Rent a Room limit of £7,500, you do not pay tax on your profit. More information on Rent a Room https://www.gov.uk/government/publi...sment-helpsheet/hs223-rent-a-room-scheme-2020 You need to fill out this page on your self assesment form. https://assets.publishing.service.g...hment_data/file/874009/SA105_English_Form.pdf
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.
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.
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.
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?
If you need to change your self assessment return https://www.gov.uk/self-assessment-tax-returns/corrections
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