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Business or individual
Posted: Wed Aug 31, 2016 6:57 pm
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?
Posted: Wed Aug 31, 2016 9:19 pm
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.
Posted: Wed Aug 31, 2016 9:34 pm
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!!)
Posted: Thu Sep 01, 2016 8:02 am
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?