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Entrepreneurs Panel

Richard O'Sullivan
David Pollock
Charlie Mullins
Steve Purdham
Jennie Johnson
Jeremy Roberts
Michael Oliver
Julie Meyer
Tony Caldeira
Brian Hay
Laura Tenison
Debbie Pierce

Rental rules

Owners of property that is let out as holiday accommodation are being reminded of the legal requirements of doing so and the tax breaks available.

As HMRC is cracking down on rental activity, property owners should remember that any profits from letting a holiday home are liable to UK tax. If it’s an overseas holiday home, it may be necessary to file a tax return locally and pay in that country as well as in the UK and failing to do so could attract hefty fines.

Expenses can be deducted from rental income to calculate taxable profit, including advertising costs and agent’s fees and a proportion of ongoing annual expenses e.g. insurance, light and heat.

And if a holiday home qualifies as a furnished holiday let (if it is available for commercial letting for 140 days in a 12 month period and is let for at least 70 of those days), tax relief may be available against other income if the owner makes a loss on the rental activity.

And for those who would have qualified but sold between 6 April 2006 and 5 April 2008, and paid more than 20 per cent capital gains tax on the sale, there may be some tax due back.

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