General Advice for setting up in UK

[passatman]

Hi, Just found the site, looks very useful.
I have just bought a second home on the East Coast of England that I want to rent out. I am fortunate that I dont have a mortgage and therefore there is no third party interest.
I was wondering what I have to do with regard to starting out and was particularly in the dark about such things as Insurance, council tax, personal taxation etc, and anything else some of you may feel relevant.
Thanks in anticipation.

[Martha]

hi!
well a lot of questions:
Here's one you might find useful - the uk gov's position on taxing the income...

http://www.direct.gov.uk/MoneyTaxAndBen ... chk=RSiJ4j

[cromercrabholiday]

Hi, Just found the site, looks very useful.
I have just bought a second home on the East Coast of England that I want to rent out. I am fortunate that I dont have a mortgage and therefore there is no third party interest.
I was wondering what I have to do with regard to starting out and was particularly in the dark about such things as Insurance, council tax, personal taxation etc, and anything else some of you may feel relevant.
Thanks in anticipation.

Hi passatman
Our cottage is on the North Norfolk coast - whereabouts are you?
Insurance is not easy and limited as you are letting strangers into your property - try Adrian Flux in Kings Lynn 08700 772266. For council tax you are a business property and if you have a single property in Norfolk you get some kind of discount. We had problems with refuse collection as this is separate from domestic - the council screwed it up and suggested we got a private company to do it. They were hopeless and we now have done a deal with our cleaner who drops it off at the local dump!
If you are not local, you need to find some tradesmen that you trust who can deal with minor emergencies in your absence - we refurbished the place and built up relationships then which are very useful at times.

Keep us informed of progress. Good luck.

John