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Renting out my house air b & b
paulsm
Posts: 444
Forumite
I am looking to rent out my own house air b & b and am looking for any websites with advice on what is required etc.
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Looking to rent out my house asir b&b and stay with my mother in the weeks it is being rented out. I spoke to my accountant who said I cant really claim deocrating/maintenance costs against the profit as it is my own property and not a purpose bought house to rent but obviously they want tax from me from the profits and apparently will want cgt when I eventually sell it, does anyone know if I can offset anything against the profit I might make as it seems a bit one sided to me.0
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How about this one
https://www.moneysavingexpert.com/family/airbnb-hosting/
😉
Looking into safety certificates and insurance is going to be a must.
Read the warnings too.I can rise and shine - just not at the same time!
viral kindness .....kindness is contageous pass it on
The only normal people you know are the ones you don’t know very well
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Surely your accountant could tell you what you can claim for as well as what you can't. Not much of an accountant if they didn't.1
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Only expenses which are wholly and exclusively incurred for business use can be claimed.paulsm said:Looking to rent out my house asir b&b and stay with my mother in the weeks it is being rented out. I spoke to my accountant who said I cant really claim deocrating/maintenance costs against the profit as it is my own property and not a purpose bought house to rent but obviously they want tax from me from the profits and apparently will want cgt when I eventually sell it, does anyone know if I can offset anything against the profit I might make as it seems a bit one sided to me.0 -
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I’ve merged the 2 threads.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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You’ll only pay CGT on the time it wasn’t your principal residence.paulsm said:Looking to rent out my house asir b&b and stay with my mother in the weeks it is being rented out. I spoke to my accountant who said I cant really claim deocrating/maintenance costs against the profit as it is my own property and not a purpose bought house to rent but obviously they want tax from me from the profits and apparently will want cgt when I eventually sell it, does anyone know if I can offset anything against the profit I might make as it seems a bit one sided to me.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Sounds a bit messy, if you will keeping moving in and out for a week or two at a time.
If it is in a holiday area, you could perhaps live in it for around 6 months of the year, and rent it out for the other 6.
The last airbnb I stayed in was obviously someone's actual residence. Desk Drawers full of paper, pens, kids crayons, loads of books etc and a well stocked drinks cabinet !0 -
I have known of people doing this on occasions eg for the Glastonbury Festival - guess same happens for Wimbledon fortnight etc - but in these cases it is just for a short time and they charge like wounded rhinos1
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I’m not sure how practical it is to leave all your personal stuff in the house at the same time as renting it out. Visitors will expect to have space for their clothes, and they may not respect your private stuff.Albermarle said:Sounds a bit messy, if you will keeping moving in and out for a week or two at a time.
If it is in a holiday area, you could perhaps live in it for around 6 months of the year, and rent it out for the other 6.
The last airbnb I stayed in was obviously someone's actual residence. Desk Drawers full of paper, pens, kids crayons, loads of books etc and a well stocked drinks cabinet !
No reliance should be placed on the above! Absolutely none, do you hear?0
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