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Do I have to pay tax on my earnings?

YourParkingSpace cannot advise whether you need to pay tax on the income you earn from renting out your parking space, as this depends on your individual circumstances.

Under OECD and HMRC reporting requirements, we are required to collect certain information from Space Owners and report qualifying information to HMRC. This helps ensure our platform complies with applicable legal and tax obligations.

Why do I need to provide my tax information?

To meet our reporting obligations, we may ask you to provide information such as your tax details through your YourParkingSpace account.

If you do not provide the required information, YourParkingSpace may need to temporarily withhold your payments until the necessary details have been received. This enables us to comply with our legal reporting obligations.

Is there a tax-free allowance?

The UK currently has a £1,000 Trading and Miscellaneous Income Allowance, which may apply to income earned through the sharing economy, including parking space rentals.

Please note:

• This allowance is shared across all qualifying income sources and is not specific to YourParkingSpace.
• YourParkingSpace does not know your personal tax circumstances and cannot determine whether you need to declare or pay tax on your earnings.
• You remain responsible for ensuring you meet your own tax obligations.

Where can I provide my tax information?

You can submit or update your required tax information by logging into your YourParkingSpace account and visiting the Tax Information section.

If you've already provided your information and would like a copy of the details reported to HMRC on your behalf, please contact us using our Contact Us form.

Need tax advice?

YourParkingSpace is unable to provide tax or financial advice. If you're unsure about your tax obligations, we recommend consulting HMRC or a qualified tax adviser.