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Furnished Holiday Let Tax Questions - Can I do it myself / Mileage / Help?
Maley
Posts: 7 Forumite
in Cutting tax
I am preparing my 2019 tax return for my holiday let which started trading in Q3 2019. It took a number of months to get the holiday home ready, so I will be including these costs into my tax return.
All my finances are in my personal account, so I exported the 2019/2020 tax period to excel and removed all personal finances. For this tax year I am roughly minus £10k
2019/2020 Profit: -£10k
2020/2021 Profit: +£10k (looking likely)
Should I get an accountant to prepare my tax submission or do this myself? I'm unsure how I should go about doing my mileage - holiday let is 250miles from my home and I have been back/forth frequently.
I'm currently paying a family member cash to do the cleans and it equates to a lot of money. Do you think I could get away with claiming weekly mileage for doing changeovers in my holiday let? I know this isn't the best but it would help balance itself out.
All my finances are in my personal account, so I exported the 2019/2020 tax period to excel and removed all personal finances. For this tax year I am roughly minus £10k
2019/2020 Profit: -£10k
2020/2021 Profit: +£10k (looking likely)
Should I get an accountant to prepare my tax submission or do this myself? I'm unsure how I should go about doing my mileage - holiday let is 250miles from my home and I have been back/forth frequently.
I'm currently paying a family member cash to do the cleans and it equates to a lot of money. Do you think I could get away with claiming weekly mileage for doing changeovers in my holiday let? I know this isn't the best but it would help balance itself out.
0
Comments
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Your 2019/20 tax return should have been submitted by 31 January 2021, if you were asked to complete one or owe any tax.
You cannot claim mileage from your home to your holiday let. That is just commuting.
If you are formally employing someone to do a job for you, whether family member or otherwise, you should have a PAYE scheme and be deducting tax and national insurance, unless they are your sole employee and are paid under £120 a week.1 -
You refer to it as a holiday home in one instance, do you (or family/friends) use it as a holiday home?
Have you apportioned your expenses correctly and determined whether they are revenue or capital in nature?
Side note: The information submitted on your tax return should not be based on what you "could get away with claiming". It should be based on what you are entitled to claim by law and if the law is silent on the matter, hmrc's guidance.You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride2
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