FHL Business - should we get this set up whilst refurbishing

If you are planning to buy a rental home, or you're thinking about what to do with one you have just acquired, this is the place for any questions about starting out in the rentals business.
moorfieldW
Posts: 1
Joined: Wed Jun 09, 2021 10:58 am
Location: Cornwall

FHL Business - should we get this set up whilst refurbishing

Post by moorfieldW »

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!
Norfolk Canary
Posts: 93
Joined: Wed Sep 07, 2016 9:03 am

Post by Norfolk Canary »

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.
J B
Posts: 137
Joined: Tue Oct 09, 2007 10:56 am
Location: We live in England and have rental properties in N Wales and Paphos, Cyprus
Contact:

Post by J B »

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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