Business or individual

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Michelincamper
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Joined: Sun Nov 24, 2013 9:27 am
Location: Benahavis, Costa del Sol
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Business or individual

Post by Michelincamper »

We are in the process of purchasing two holiday cottages in the UK (these have not previously been holiday lets).
My question is do those of you who own more than one holiday let run them as a business or just as individual properties that you own personally?
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Nemo
Posts: 7062
Joined: Thu Aug 14, 2008 10:15 am
Location: Norfolk

Post by Nemo »

No one answer fits all. I assume you're actually asking whether people set up ltd companies or not? It really does depend on your individual circumstances, your other income etc. Only an accountant can advise what's best I'd suggest. Income from a holiday let is declared as income from property on a UK tax return, if it's declared as "personal" income, so it's not classified as self employment for tax purposes.
Annew
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Joined: Wed Nov 04, 2009 10:02 am
Location: Devon

Post by Annew »

What Nemo said, plus you need to look at the implications of inheritance too (a minefield currently!!!). A good accountant will help you.

(welcome BTW!!)
If you want to find me, Google The Barton Poughill!
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CSE
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Joined: Mon Nov 06, 2006 3:34 pm
Location: Galicia

Post by CSE »

assuming for the details in your profile are correct, means that you live, thus pay your taxes in Spain. Have you looked at the implications on this adventure on that issue?
Never try to out-stubborn your guests.
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