DAC7 Reporting - Frequently Asked Questions

All platforms, including Suffolk Hideaways, are obliged to submit accurate information for all relevant short term let homeowners.

Suffolk Hideaways will face hefty fines for non-compliance and therefore it is HMRC’s recommendation that where relevant information is not provided by Homeowners, payments on their account should be withheld until such time as it is provided. An action we would rather avoid, so please assist us.

HMRC refers to payments or values received by owners as ‘Consideration’.

This is ‘any form of cash payment, cash credit, or cash equivalent received’ by the short term let owner.

Consideration is the net amount paid or credited to the owner after deducting any fees, commissions, and taxes. We are required to report on the net amount, as well as the breakdown of the deducted fees and taxes.

Our reporting must be done on a cash basis, not on an accrual basis.

Yes, this applies to all digital platforms operated from the UK.

Yes. This is for income earned on all digital platforms operated from the UK, no matter if the property or owner are not in the UK. It's essential to ensure that all the necessary information has been provided to us, including any international tax identification numbers.

No. We will be required to report on all accommodation types.

Income information will be reported annually to HMRC for the calendar year by 31st January following the year end.

Tax Identification Numbers (TINs) vary depending on whether you're an individual, company or partnership. For individuals, your TIN is your National Insurance Number. If you're a company, the TIN would be your Company Registration Number If you’re a UK partnership this is your partnership Unique Taxpayer Reference.

Yes, by using your Owners Login. This is a secure space to submit and store this sensitive information.

We will be contacting all homeowners in 2025 to collect this information.

Where your contract with us is in joint names, e.g. Mr & Mrs, you must provide the DAC7 Requirement information for each individual by clicking on ‘add additional seller’ at the bottom of the DAC7 Requirements Form.

For owners with joint accounts we are unable to determine the allocation of the consideration between each of the sellers on the account and as such we are required to attribute the full amount of the consideration to each seller.

Yes, we must inform you what has been reported to HMRC. This will be sent as an annual statement to your email address.