HM Revenue & Customs to scour newspaper adverts and online sites in search of entrepreneurs capitalising on the Royal Wedding.
All eyes were on Windsor on Saturday 19 May 2018 when Prince Harry and Ms Meghan Markle married at St George’s Chapel, Windsor Castle. And, with an estimated 110,000 people visiting the town on the day, arriving by car, train, bus, boat, on foot and by bike, there was plenty for entrepreneurs to get excited about.
From individuals renting out their homes and parking spaces, to food and drink vendors, and people selling souvenirs and wedding memorabilia, Britain’s entrepreneurial spirit came out in full force for the weekend, a fact that has not gone unnoticed by HMRC.
According to reports, the Revenue is now using their sophisticated software programme called ‘Connect’ to search through eBay accounts, and Airbnb and rental advertisements in local papers, all in search of people who earned money from the Royal Wedding celebrations.
Whilst a “trading allowance” enables UK residents to earn money tax-free up to a limit of £1,000 for selling their products online (Airbnb property rentals, freelance services etc.), as well as products outside their homes, such as food and drink served from their garage, for example, any money earned over that amount is taxable.
Then there’s also “Rent a Room” relief, which exempts from tax, gross rents up to £7,500, where rooms within a taxpayer’s main residence are rented out.
Anything else, HMRC will be investigating in an attempt to track down all Royal Wedding entrepreneurs to ensure they pay their taxes.
If you are concerned about a tax enquiry into your affairs, worried that you may have possibly under declared or, worse still, you are already under enquiry, our tax specialists, some of whom are former HMRC Inspector of Taxes, are well versed in dealing with all types of tax issues.
We are also readily available to oversee HMRC disputes on your behalf, as well as to represent clients in appeal proceedings before the Tax Tribunal. In some situations, we can also offer professional fee protection insurance, so the costs are covered in whole or in part.
For more information and to discuss how we can ensure your tax affairs are as efficient as possible to fit your circumstances, contact your usual Beavis Morgan Partner.