Etienne Nel
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RE: AirBnB rental income
Good evening Sir or Ma'am My spouse and I launched an Airbnb venture in October 2023. We've incurred expenses (Apr 23 - Sep 23) exceeding £7,000 for repairs and enhancements to ensure the property meets safety standards and is in acceptable condition. However, our income from October 2023 to April 2024 amounted to only £2,016. I have a couple of tax-related inquiries: Are we required to file a tax return for the period spanning October 2023 to April 2024? Can we offset our expenses against the gross income for tax purposes? I appreciate your consideration. Etienne