michael daly
-
RE: Airbnb - is Rent a Room Allowance applicable for me?
Forgot to mention - the flat was furnished and I didn't live or work abroad during these periods. -
Airbnb - is Rent a Room Allowance applicable for me?
I have rented my 1-bed apartment which is my primary residence on Airbnb on occasions when I travelled for the last 2 tax years. I travelled on weekends and occasionally for one week at a time. I made roughly £5k each tax year and deducted the £1k allowance, then paid full income tax on the remaining profit on my self assessment tax return under the income from property section. I was unaware of the £7.5k Rent a Room Allowance. However I'm reading now that my situation might fall under the £7.5k Rent a Room allowance? Can someone please confirm, as if that's the case I have paid too much in tax for last two years. In addition, how would I go about seeking a refund for the taxes paid previously?