If you are an Airbnb host or a landlord considering hosting your properties with Airbnb, we provide effective tax solution to minimise your exposure to income tax while maximise the amount of profits you can extract tax effectively.
Like other internet services, Airbnb has disrupted a very traditional market in a very short period of time. Consequently, Airbnb hosts have fallen victim to the platforms success and have come under increased scrutiny from Irish Revenue. Airbnb are now required to provide the Irish Revenue with the following information:
Your first and last name
Address of you listings
Your address as associated with your payment method
Amounts paid out in the reportable year, including cleaning fees
Date of your first booking during the reportable year, by listing
If you are an existing landlord who is letting your properties on traditional long terms lease, you have scope to significantly increase income generated by those properties and potentially avail of the 12.5% corporation tax rate as opposed to income tax of 40%
If you are a homeowner a room in your home on Airbnb, then you are required to file an income tax return. Revenue have recently issued guidance on Airbnb lettings confirming that they do not qualify for the Rent A Room Relief exemption.