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Renting a holiday property
kjb_2
Posts: 46 Forumite
We have acquired(bequethed in a will) a holiday property recently in Cornwall. We would like to keep it but the council tax and other bills seem very high. We wondered about the possibility of renting it out for a few weeks a year and have heard that there are tax advantages that might help. Does anyone have any advice or know of any books on this subject that might help. Thanks
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Comments
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Where is it?
Was it let as a holiday let before?
As a holiday let, it should be fully furnished, and available for letting for at least 140 days of the year; you have to actually let it for a minimum of 70 days, or to a single occupier/or group for no more than 31 days at a time.
As a holiday let you can register it for business rates (and get a low income discount I believe). Quite a lot do this.
It has to be available for letting 140 days, so if you can't get bookings then so long as it's available it will qualify for business rates.
One of the hardest things managing a property like this from a distance will be: who will hand out the keys, deal with problems, receive the keys, check for damage, change the beds and clean it every time it's booked? In Cornwall the population is very transient - it fills with thousands of people in the summer who are looking for work, but who will equally just walk out/let you down/move on without a word. And as there's competition (especially Saturdays) you might find it costs £7+ per hour for the cleaning just to even think somebody will be interested in the job. Too many vacancies for caravan cleaners, cottage cleaners etc already.0 -
No the house was owned by an elderly relative who was in a home. How do we find out about setting it up as a holiday let and claiming business rates? Are there any guides.
Many thanks0 -
We could rent it to friends and family for relatively low rents and cover the 10 weeks probably and then would not have to worry about keys etc. We have all been stayin there through the last few years and looking after it for our relative.0
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