AirBnB while working abroad

breadhead

I am moving abroad for 10 months and would like to supplement my income by doing some AirBnB of my property here.

I think this would be a better option than renting the property. I would like to use the property when I come home.

Any insight into how taxation for this works with taxes being paid out of the country? Couldn't find the simple answer to this. Is it 20%?

Any other ideas for this short term situation?

Many thanks

relax carry on

breadhead wrote: »

I am moving abroad for 10 months and would like to supplement my income by doing some AirBnB of my property here.

I think this would be a better option than renting the property. I would like to use the property when I come home.

Any insight into how taxation for this works with taxes being paid out of the country? Couldn't find the simple answer to this. Is it 20%?

Any other ideas for this short term situation?

Many thanks

You will still be tax resident here so you will be taxed on your worldwide income. You'll need to declare all your income on a tax return either a form 12 or form 11 depending on which is appropriate. You will be given a credit for any foreign taxes deducted. Your Airbnb income will be added to the whole and depending on your total income it will either be taxed at the higher or lower rate.

Samuel T. Cogley

It's more in the region of 54%.

jimmycrackcorm

Samuel T. Cogley wrote:

It's more in the region of 54%.

Depending on income and also what is expensed.

The main issue OP is that you'll have to get and pay for an agent to manage your property while not being available to do the routine Airbnb stuff yourself.