TaxPersonal TaxWimbledon residents can still beat taxman

Wimbledon residents can still beat taxman

Residents of SW19, who rent out their home or rooms to Wimbledon-mad tennis fans, are again being targeted by the Inland Revenue, but there is still the chance for that perfect passing shot.

Link: Game, set and match to taxman

Homes and rooms are being rented out for £6,000 for the fortnight of tennis action, but mid-tier firm Hacker Young says clever tax planning can counter the threat posed by the Revenue.

Roy Maugham, tax partner, explained: ‘Letting a room to tennis fans can actually be tax efficient as the tax payable would only range from nil to about 10% if landlords were to use rent-a-room relief and only get taxed on the excess over £4,250.

‘If managed properly, the tax payable will be so minimal that it will hardly be worth being a tax dodger at all. Householders who rent out their homes for the duration of the tournament each year and fail to disclose the activity on their tax returns face a tax investigation or even legal action. Even homeowners renting out their drives for car parking could come under scrutiny.

Maugham claimed there had been been reports of undercover taxmen ‘mingling with the crowds to spot tax dodgers’

‘If you are lucky enough to own property in Wimbledon, then get advice before you rent out your home to strangers. You never know, they could be tax inspectors in disguise!’

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

5m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter