Hawkeyed Revenue Targets Tennis Lets

While sweaty tennis players will be busy pounding the hallowed lawns of SW19 over the coming fortnight, many lucky residents will have their hands full counting out their cash from four-figured rental deals. As far as the rental market is concerned, the grand slam event at Wimbledon is big business. For those fortunate enough to own a home in the required post code, the opportunity to net a tidy profit through a well-timed short-let is too good to miss. Not only do residents experience an influx of thousands of visitors to the All England Lawn Tennis & Croquet Club, but hundreds of the players and their sizable entourages are willing to pay premium prices for a suitable spot near the grounds. But while property prices can soar to well over five grand a week for the hottest ticket in town, short-let opportunists are about to be brought down to earth with a thump courtesy of HM Revenue & Customs (HMRC).

Hawk Eye

The taxmen are on the warpath for all homeowners who fail to declare the extra income generated from their lucrative lettings.

And like Centre Court, the canny folks at HMRC have developed their very own Hawk Eye, a web robot designed to trawl the internet, offering up all details of Wimbledon landlords looking to make a fast buck.

Peter Goodman, Tax Partner at Wilkins Kennedy, commented: "HMRC have been aware for a long time that people make money from renting out their homes during Wimbledon.

"The Edinburgh festival has also been a popular event where local homeowners can make some cash by renting out their accommodation for a short time. HMRC knows that this is big business and will be checking that this income is declared.

"There has been publicity concerning an HMRC clamp down on unpaid tax from owners of buy-to-let properties going on.

"This should remind homeowners who earn extra income from short-term lettings around the time of major sporting events that they must declare it.

"Car boot sales and classified adverts are other areas that are said to have been targeted for investigation. The problem with HMRC probing such activities is that many people see them as hobbies and have not thought about any tax implications."

Unfortunately, ignorance on this matter isn't a free ticket out of trouble. And as the HMRC has the ability to cross-check letting details with individual tax records, it could be courtside curtains for neglectful landlords.