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But just before you start, here's what youneed to know about the holiday letting industry and the law:
The main benefit when it comes to holidayhomes, as oppose to renting out other types of property, is that if you let outa furnished holiday home in the UK,
Firstly, renting out your property as aholiday home means that your rental income from this property will prove to bemore profitable for tax purposes, as opposed to what you may earn from anotherrental income.
There are, however, some regulations whichyour property must adhere to in order to be legally accepted as a holidayrental.
For your property to count as a holiday let,it must be:
? In the UK
? Furnished
? Available forholiday letting to the public for at least 140 days a year
? Actually let as aholiday let for at least 70 days a year (and not just at cheap rates to friendsand family)
The holiday lets must also be both:
? Short term letsof not more than 31 days
? The only letsover a period of at least seven months
? The propertycan't be rented to the same person for more than 31 days in the year
? If you do meetthese requirements in a seven month period then there are no restrictions onlonger lets in the remaining five month period, and these rental do not countas holiday lets.
If your property does not qualify as aholiday let, you will be taxed as normal for rental income. The most importantaspect of renting a holiday property is the make sure you have great . Direct Line For Business offers excellent low premiums for , so visit today for a quote.
Pleasenote that Direct Line for Business does not control and cannot guarantee therelevance, timeliness, or accuracy of the article above.
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