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Declare your Wimbledon rental income, agents warn

Thursday, 16 June 2011 2:46 PM

Estate agents have warned that Revenue and Customs inspectors could visit Wimbledon to clamp down on those renting out their properties to tennis fans and stars but failing to declare the income.

Knight Frank said flats and houses in Wimbledon can be let for up to £15,000 a week during the international tennis tournament and that its research showed inspectors are increasing their efforts to find out about undeclared income.

Angela Beech, tax partner at chartered accounts Blick Rothenberg, said: "Tax inspectors are on the offensive, they have been tasked to look at the black economy.

“People who rent out their homes for large amounts of money need to ensure that they declare the income – if they don't they could receive very large fines."

Knight Frank says that five-bedroom houses in Wimbledon are renting for between £8,000 and £15,000 a week this year.

Ruth Barr, from Knight Frank Wimbledon Lettings, said: "Two-bedroom flats are commanding £2,000 a week and one-bedroom flats can achieve up to £1,000 a week, so renting out a property can be very lucrative.

"Some local residents can also rent their drives out for car parking, which this year is on offer for between £10 and £30 a day per car.”

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