A significant portion of my income comes from Airbnb, which I get paid to my Coconut account but it’s messing up my tax predictions as it currently doesn’t account for the Rent a Room tax allowance (unless I manually change my tax Personal Allowance).
Property Income & Expenses
It would also be useful to create a “Property Income” (or even an “Airbnb Income”) category for Airbnb or rental-related expenses “Property Expenses”.
I am using “Other costs” to try to keep it separate and it doesn’t seem not ideal. I can roughly predict income and could add it to “Property Income” but as I have been getting paid into Coconut, it messes up my account and it would be great to be accurate.
Rent a Room Allowance
It would be great to be able to tick it in our profile if we benefit from the Rent a Room tax allowance in the Property section of Personal Allowance too.
This would allow to streamline a bit more and keep all income streams coming into Coconut.
If that’s not an option, I’ll have to pay this income paid into another account and manually add it to the Property Income section. This would mean I’d have to keep expenses separated too.
Other users might also be getting rental income from buy-to-lets or other holiday rentals and it would be great to hear their feedback on how this would work best for them. I hope this is helpful.