We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Occasional letting of Appartment
caveman38
Posts: 1,324 Forumite
Is there anything re. law, fire regs, counciltax etc that I should be aware of.
I would like to buy an appartment that I intend to use every other weekend. Although it is not my intention to make money, I would like to let it occasionally.
I have thought of letting it to friend and family for a minimal charge for either odd weeks or days when I am not there.
As it is beside the coast I beleive that I would be able to get enough interest to at least help towards rates and expenses.
As this is my first venture into a second property I am wet behind the ears. They would not be lodgers but may restrict me being able to what I want. BTW the appartment would be in a small development of a dozen others.
What do I need to be aware of, please.
I would like to buy an appartment that I intend to use every other weekend. Although it is not my intention to make money, I would like to let it occasionally.
I have thought of letting it to friend and family for a minimal charge for either odd weeks or days when I am not there.
As it is beside the coast I beleive that I would be able to get enough interest to at least help towards rates and expenses.
As this is my first venture into a second property I am wet behind the ears. They would not be lodgers but may restrict me being able to what I want. BTW the appartment would be in a small development of a dozen others.
What do I need to be aware of, please.
0
Comments
-
you are effectively describing a furnished holiday letting (google it on HMRC website)
this has all sorts of income tax and CGT implications and does not mean you can avoid all the normal LL things you refer to0 -
If unsure you could always just use a letting agent, they will be able to deal with a lot of the 'hassles' for you, but you will of course lose some of your rent to them in commission.
Any income from rent is treated as income, so you will probably need to declare earnings and complete a tax return.0 -
If I want to use it, as I say every other weekend. Would I still be able to classify it as a holiday let. Also if I bought it with a mortgage, would I be able to offset that and rates etc. against any income tax liabilities.0
-
Yes you would still be able to class it as holiday let.Have you thought of letting it as a weekday let/lodger only, there are loads of websites out there for such lettings, mondaytofriday is one that springs to mind.0
-
"Is there anything re. law, fire regs, counciltax etc that I should be aware of."
For information on legislation, health and safety etc. for holiday lets in the UK http://www.accommodationknowhow.co.uk/ is a good resource.
Even if you are only letting it to friends and family, you still have obligations. A holiday letting agency should also be able to advise you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards