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FHL Business - should we get this set up whilst refurbishing

 
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moorfieldW



Joined: 09 Jun 2021
Posts: 1
Location: Cornwall

PostPosted: Mon Jun 14, 2021 2:56 pm    Post subject: FHL Business - should we get this set up whilst refurbishing Reply with quote

Hi All

We are in the process of purchasing a small cottage in Cornwall with the intention of running it as a holiday let, as well as using ourselves, but it needs quite a lot of refurbishment so will probably not be available for rental until early next year.

From my reading I understand there are advantages to setting up a Furnished Holiday Let business, but should we do this straight away or wait until it's ready?

I'm also not sure whether we should get the specialist holiday let insurance for the property whilst we are refurbishing, or change when it's ready.

Any advice gratefully received!
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Norfolk Canary



Joined: 07 Sep 2016
Posts: 87

PostPosted: Mon Jun 14, 2021 5:51 pm    Post subject: Reply with quote

If the situation with builders and building materials is like it is around our neck of the woods I would wait until you have it finished, or as good as.
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J B



Joined: 09 Oct 2007
Posts: 106
Location: We live in England and have rental properties in N Wales and Paphos, Cyprus

PostPosted: Tue Jun 15, 2021 9:36 pm    Post subject: Reply with quote

If you set up a business straight away, then all the building works etc are business expenses and thus tax deductible.
I'm not an accountant, but do you have one?
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J B
www.jamesbourne.co.uk
http://www.holidaylettings.co.uk/rentals/tala/199631
https://www.sts-holidays.co.uk/property.html?id=4036_ST
https://www.sts-holidays.co.uk/property.html?id=4037_ST
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