Short term lets are increasing in popularity, driven by marketplaces such as Airbnb. With HMRC turning their attention to this market, it's more important than ever to ensure you're operating compliantly.
Short term lets are increasing in popularity, driven by marketplaces such as Airbnb. With HMRC turning their attention to this market, it's more important than ever to ensure you're operating compliantly.
Our all-inclusive accountancy service includes everything you need to manage your Airbnb / short-term let finances, and ensure you remain compliant with your tax obligations.
One-to-one tax consultation phone calls with our property accountants are included, as standard
Your named account manager is just a phone call or email away, whenever you need them
Our team of experienced and qualified accountants will prepare and submit your accounts and returns
If you're buying to let, or converting an existing property, we're here to help with the tax advice you need
There's no need to struggle with clunky spreadsheets, or complex software like Xero or QuickBooks.
Our service is built around our award-winning (and easy-to-use) property accounting app. From letting directly to tracking tax, it's the only app you'll need.
Track and reclaim your property and personal expenses
Connect to your bank, securely, and keep your accounts up to date
Outsource the heavy lifting, and let our app keep track of agent costs
If you also let directly, you can issue invoices and collect card payments from our app
Our fixed-fee accountancy service includes everything you need to manage your property portfolio's tax, accounts and compliance.
For personally owned portfolios
Includes:
Your personal tax return
Named account manager
Online accounting app
4 tax consultations per year
For company owned portfolios
Includes:
Company tax returns
Named account manager
Online accounting app
4 tax consultations per year
For mixed or complex portfolios
Includes:
All tax returns
Named accountant
Online accounting app
Unlimited tax consultations
Annual tax reviews
If you've got questions about our services, chat with one of our friendly team members today.
We'll talk through your goals, make sure we're the right fit, and help you choose the perfect Provestor service for you.
Whilst there's no statutory definition of a short-term let, the market is primarily geared around marketplaces such as Airbnb, that allow investors (or 'hosts' in Airbnb terms) to let individual rooms or entire properties on a short-term basis. Hosts range from individuals looking to let their family residence for additional income, through to professional investors with multiple units available to let.
Tax allowances are available for those with limited lettings income. If your total rental income is less than £1,000 per year, this will be free of tax. If you're letting out a room in your home then you can earn up to £7,500 per year, free of tax.
Above this point, it is likely that income tax will be due on the rental income, which will need reporting each year via a Self Assessment Tax return.
Investors may wish to consider if their short-term lets achieve the criteria to be deemed a 'furnished holiday let' (FHL), as the tax position may be more favourable. In addition, for more flexibility, short-term lets can be operated via a limited company. We can support you with both of these aspects.
With the increasing popularity of short term lettings, HMRC's compliance teams have turned their attention to these income sources. From October 2020, Airbnb has provided HMRC with income details for 225,000 UK-based hosts and we expect HMRC to now increase investigations to ensure that income tax has been paid where due.
Here at Provestor, we can ensure that your Airbnb or short-term let is operating compliantly.