The 2017 tax year Pay and File deadline for taxpayers who file and pay income tax via ROS is Wednesday 14 November 2018. With the deadline approaching, Revenue wants to ensure that taxpayers are meeting their tax obligations and include all relevant income in their income tax returns for the 2017 tax year.
With this in mind, Revenue is writing to 12,000 individuals to remind them to include income from Airbnb lettings on their tax returns. Airbnb has provided Revenue details of payments made to its customers in 2014, 2015 and 2016 and will provide similar information for 2017. Taxpayers therefore need to ensure income from Airbnb is included in their 2017 income tax returns and previous returns.
Revenue is providing guidance on the correct tax treatment of this income in the letter and will give details on how to correct returns already made, where necessary.
Airbnb income is subject to income tax however you can deduct allowable expenses incurred from this income such that you are only chargeable on the profits. Allowable expenses include utility bills, additional insurance purchased, cleaning fees, etc.
If you operate Airbnb in your premises, you should ensure you are meeting your tax obligations and include the income in your income tax return.
For any additional information or assistance contact our tax team.