Soaring tax must cover university accommodation (4)
I believe the answer is:
yurt
'accommodation' is the definition.
'soaring tax must cover university' is the wordplay.
'soaring' shows that the letters should be reversed in order (in a down clue, letters 'soar' up).
'tax' becomes 'try' (I've seen this in another clue).
'must cover' is an insertion indicator.
'university' becomes 'u' (abbreviation for university).
'try' placed around 'u' is 'truy'.
'truy' back-to-front is 'YURT'.
(Other definitions for yurt that I've seen before include "Nomadic circular tent" , "Mongolian circular tent" .)