Holiday lets

Abblybee

My wife and I have just taken ownership a couple of holiday lets, both of which are registered for business rates. We'll pay tax for these in our personal self assessments, but I haven't registered a business (either sole trader /partnership etc) for these. Can I still claim the Corona Grant for loss of income as they've had to be shut due to lockdown? 

macman

Which 'corona grant' are you referring to?

If you mean business rates relief, then this should be automatically applied to your assessment for business rates when you register: qualifying self-catering properties should have no business rates to pay for the current tax year 20/21.

https://www.gov.uk/guidance/check-if-your-retail-hospitality-or-leisure-business-is-eligible-for-business-rates-relief-due-to-coronavirus-covid-19

If you mean SEISS, then the 3rd grant requires you to show 'significant reduction' in trading profits in the period 1/11/20 to 31/1/21: so if you have literally just taken ownership, that is unlikely to apply. If it does apply, then you will need to have filed  a return for 2018/19 and show 50% of your income coming from self-employment.

4th grant eligibility criteria will not be known for another month or so, but at best will require the same criteria, but based on 19/20 tax year figures.

There is no requirement to 'register a business' as such if you are a sole trader and below the VAT threshold: you simply declare the trading profits as part of your self-assessment returns.

You have another 9 days to file for the SEISS 3rd grant.

Jeremy535897

Abblybee said:

My wife and I have just taken ownership a couple of holiday lets, both of which are registered for business rates. We'll pay tax for these in our personal self assessments, but I haven't registered a business (either sole trader /partnership etc) for these. Can I still claim the Corona Grant for loss of income as they've had to be shut due to lockdown? 

Furnished holiday lettings are not a trade for SEISS purposes, and in any event you didn't have any income from them in 2018/19. You don't need to register a business. The income is entered on the SA100, not the SA103.