Amidst the soaring demand for holiday lets as the UK prepares for a staycation boom this summer, inquiries for tax advice from customers considering buying a second property are also rising.
The threat of being hit with a 5k fine for jetting off to sunnier climes has cast a dark cloud over many Brit's holiday plans this summer. As a result, searches for staycations are understandably on the rise and, for savvy landlords anyway, this could be a summer to remember.
I know how difficult it is to plan ahead at the moment and how the booking of any holiday may still seem a little presumptuous. However, after seeing a couple of back-to-back days of sunshine I’m sure I’ve joined the vast numbers of people across the UK in thinking – if only.
The county council says it wants to protect communities in areas where 20% of homes have already been bought as holiday or second homes.
The rules about holiday lets being valued for business rates instead of council tax could be strengthened in an attempt to close a tax loophole being exploited by the owners of second homes.
Thousands of people desperate to get out of their timeshare contracts are currently unable to because it is far too complex and costly, the Victoria Derbyshire programme has been told. For some, it is like a "disease" they cannot get rid of.
A growing number of buy-to-let landlords are letting out their homes as short-term holiday lets, making them no longer available for long-term renting following the introduction of a raft of ‘anti-landlord’ policies.
My wife and I are converting a disused Grade II curtilage listed barn into a holiday let. We are struggling with the correct VAT category for the project – listed barn conversion, conversion to a holiday let, new build and so on.
Troutbeck Hotel and Holiday Cottages at Penrith in the Lake District National Park has been sold from an asking price of £725,000.
Acting on behalf of owners Kenn Elliott and Rowan Mahon who are retiring to live in Scotland, real estate Colliers International sold the property to Alan and Nikki Fox, relocating from Swillington, West Yorkshire.
Concerns have been raised that a sharp rise in holiday lets in Edinburgh city centre is making it more difficult to find somewhere to live in the capital.
Research by the Scottish Green Party suggests that about half the homes in the EH1 postcode will be holidays lets by 2050.
Farmers Weekly’s Business Clinic experts offer free advice on legal, finance, tax, insurance, farm management and land issues.
Here Rosalyn Trotman, planning solicitor at Thrings – offers guidance on how one might go about changing the planning permission for a holiday let into a residential use permission.
The new tax applying to buy-to-let doesn’t touch holidays homes – and the returns can be far higher
Experts tackle readers’ most tricky business questions.
A report by the London School of Economics has put the annual value of the UK’s holiday rental industry at £4.35bn a year.
It also says that the industry has created over 95,000 jobs nationwide.
The report, produced in conjunction with a firm called HomeAway.Inc, says the self-catering holiday rental industry contributes £100m in tax and generates gross income for property owners of £950m.
Opt in here