Tax Liability for residents who let rooms, camping or car parking space
According to the Press Officer for H.M. Revenue and Customs, householders other than registered businesses, who let rooms, space on driveways or provide refreshments at the side of the road during the Grand Prix or any other major meetings at Silverstone should declare all these earnings on their annual tax returns. The official advice states: "Any income from the supply of these goods and services should be declared for income tax purposes. And additionally, for any business already registered for VAT (threshold is currently
£ 67,000 for registration), then VAT must be accounted for too."
On querying whether this applied to accommodation lettings below the "Rent a Room" threshold of
£ 4,250, the response was: "'Rent a room' income should be declared for income tax purposes but only for VAT if the person is registered."
