Airbnb UK: Our Airbnb Business Guide

Airbnb UK Topic: Find out how to take care of the business operations of an Airbnb business in the UK.

The Lowdown: Ricky Steedman, Managing Partner of Steedman and Company discusses some of the important considerations for successfully running an Airbnb Business.

Last Updated: 29 July, 2018.

The huge success of Airbnb UK in Edinburgh city centre can be easily measured. How? By the regular noise of suitcases on wheels being pulled along the streets of the famous James Craig-designed New Town. Travellers now know that these type of Edinburgh apartments are common. Short-stay lodgings are also very popular in UK cities such as Glasgow, London, York and Liverpool. There is now a dizzying diversity of accommodation options for city visitors.

Already by and large, wealthy residents seem to have a great capacity and energy in their daily chores. These include the washing of bedsheets and making their (quite often expensive) rooms spic and span clean. Their luxurious rooms are then available online. Travellers from all corners of the world are then able to visit.

Both residents and tourists can benefit from their sudden new found wealth. In fact, taking these opportunities to live in other’s houses has become something of a phenomenon. Of course there is also the obvious benefit to the city economy.

All the while the city council struggles to work out how they can take a slice of the cake. Many local authorities are currently in talks with Airbnb about proposed restrictions. These are concerning the percentage of time that the two parties are able to come together. It can be like some sort of new, non-contact sport involving websites and key pads.

However there is the new Connect spyware used by HMRC. Together with Airbnb themselves, this ensures that all recipients are on the tax radar. Connect spyware is sophisticated and unearths all sorts of criminality. This includes human trafficking as well as the usual drug and extortion rackets.

Unfortunately not all taxpayers are honest enough to disclose their new wealth on their tax returns. Many of those who turn up at our offices are people not previously required to file tax returns.

Not a lot can be claimed as expenses against the new cash and bank payments made by the non-hotel loving public. However, if omitted from tax returns the Revenue can and do leverage huge penalties for undeclared monies of any kind.

Those who have fallen into this category can however breathe a sigh of relief when making a Voluntary Disclosure under the HMRC’S very helpful website.

We are available for assisting anyone caught out with hidden income and are well versed in minimising penalties which can mount up to 100% x tax lost to the treasury by tax evaders.

How we can help:

• Complete your tax return on time with everything up-to-date.
• Ask us questions whenever you require business support.
• Save tax by ensuring you avoid penalties by complying with HMRC’s latest rules and regulations.
• Preparation of your yearly accounting.
• Assist with your bookkeeping or keep your records for you.

Further help and support:

• Provide friendly yet expert support for all Sole Trader businesses.
• Have far more piece of mind over your financial affairs by utilising our services. Click here to find out more.
• Benefit from over 30 years’ of experience managing the tax and accountancy affairs of thousands of businesses.
• Read the numerous comments available here from a large range of satisfied customers.

So, in conclusion, it is always best to make a clean breast of your affairs at the same time as changing the bedsheets ! Call us today on 0131 556 8595 for information and set up a free consultation meeting.