End of No Fault Evictions?

seven-day-weekend

onwards&upwards wrote: »

Is it in a tourist area or near a big city/employer so that you’d get people wanting a short term rental in that location?

If not it might just get booked for parties or affairs!

It is near a major aerospace employer and only 15 miles up the nearby M54 to Telford where there are many high-tech industries.

I know someone who does it and she has loads of clients from these industries.

seven-day-weekend

AnotherJoe wrote: »

Don't discount the costs of cleaning and tidying between short-term rentals, and how do you deal with check in and check out unless you live nearby and do it yourself ?

Yes I do live nearby (five minutes drive).

It may not be viable but this friend who has done it for several years suggested it - she said it would be suitable . She does very well although her property is totally different to mine.

I am not bothered too much about the income, the flat was bought as a home for money from an inheritance and will fulfill that function even if it is empty.

I think I might like to try it. If it doesn't work out I can always sell it.

NeilCr

seven-day-weekend wrote: »

Yes I do live nearby (five minutes drive).

It may not be viable but this friend who has done it for several years suggested it - she said it would be suitable . She does very well although her property is totally different to mine.

I am not bothered too much about the income, the flat was bought as a home for some money from an inheritance and will fulfill that function even if it is empty.

I think I might like to try it. If it doesn't work out I can always sell it.

You might want to check the lease

https://www.anthonygold.co.uk/latest/blog/can-i-rent-my-flat-on-airbnb/

There are a number of cases of freeholders taking on leaseholders about Airbnb use.

We have one ourselves in one of our blocks and the legal advice is that the leaseholder is clearly in breach of the lease (in a number of areas).

AnotherJoe

seven-day-weekend wrote: »

Yes I do live nearby (five minutes drive).

It may not be viable but this friend who has done it for several years suggested it - she said it would be suitable . She does very well although her property is totally different to mine.

I am not bothered too much about the income, the flat was bought as a home for some money from an inheritance and will fulfill that function even if it is empty.

I think I might like to try it. If it doesn't work out I can always sell it.

In that case there seems little harm in trying, though I don't understand what you mean by "was bought as a home .... and will fulfil that function even if empty"
I suppose you need to take tax into account unless its under the annual limit, I assume airbnb falls under the "rent a room scheme" ?

seven-day-weekend

AnotherJoe wrote: »

In that case there seems little harm in trying, though I don't understand what you mean by "was bought as a home .... and will fulfil that function even if empty"
I suppose you need to take tax into account unless its under the annual limit, I assume airbnb falls under the "rent a room scheme" ?

I meant as a home for the money, I agree it sounds ambiguous how I have written it. I have edited it slightly, it sounds a bit better, I think.

I already declare the property for tax purposes, I will continue to do so if I do Air BnB.

It is only classified as Rent-a-Room if the accommodation is in the Landlord's home otherwise this:

Airbnb Hosting in Buy-to-let property
If you are hosting your Airbnb guests in separate house/flat (i.e. not within your main residence), you will not qualify for the rent-a-room scheme. Unfortunately, you will not get a tax-free allowance of £7,500.

In this case, you will be taxed on your rental profits like any other business. For example, suppose your total rental receipts in the tax year are £15,000, and you incurred total allowable expenses (such as gas, electricity, insurance, repairs, etc.) of £5,000, then your rental profits is £10,000, and you will pay tax on £10,000 based on your income tax rate.

However, please be aware that there is a severe restriction of deduction of interest as an expense from tax year 2017/18 if you don’t qualify as Furnished Holiday Lettings as explained below. Refer to our detailed guide on interest relief restriction on this to find out more.

Will Airbnb Hosting qualify as ‘Furnished Holiday Letting (FHL)’ under UK tax law?
If you own a buy-to-let property which you let via Airbnb throughout the year, then you will most likely qualify for Furnished Holiday Letting.

To be eligible as Furnished Holiday Letting, you need to fulfil all of the following conditions:

The property must be available for letting as furnished holiday accommodation for at least 210 days in a tax year (or during the relevant 12 month period)
The property should be actually let for at least 105 days in the year
The property needs to be furnished (i.e. property must have sufficient furniture for usual occupation)
The property must be situated in the UK or the European Economic Area (EEA)
So, most of the Airbnb buy-to-let properties will qualify as Furnished Holiday Lettings. There are significant advantages of being qualified as FHL which we will explain below.
https://www.ukpropertyaccountants.co.uk/tax-airbnb-income/

Crashy_Time

https://www.thetimes.co.uk/article/days-of-amateur-landlords-drawing-to-an-end-8jbpx3z0t?wgu=270525_54264_15570021397946_c85baea470&wgexpiry=1564778139&utm_source=planit&utm_medium=affiliate&utm_content=22278