HMRC (Her Majesty’s Revenue and Customs) are to set to target those making money from renting out property through Airbnb, ACCA (the Association of Chartered Certified Accountants) is warning.

Chas Roy-Chowdhury, ACCA head of taxation said: “Money made by renting out a property through Airbnb will be classed as income and must be declared to the taxman. If you are using the website to rent out a property you own in the UK (including Northern Ireland) then I would strongly advise you to make the necessary declaration to HMRC.

“If you make a voluntary declaration to HMRC, rather than wait for them to come knocking, it is far less likely you will receive a fine. HMRC are under tremendous pressure from the government to increase the tax revenues collected and if they believe that you are deliberately withholding information about a source of income they will look to penalise you.

“If this is a second source of income is it likely you will owe tax on all income from the rental. If you are unsure you should seek the services of a Chartered Certified Accountant, who will be able to advise you how to declare this income and what needs to be declared.”

You can search for a Chartered Certified Accountant here: http://bit.ly/1Zptgl0

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Notes to Editors

About ACCAACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 178,000 members and 455,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 95 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com