AlexF F

If my holiday let is part of my residential property. How do I separate the holiday let expenses if most of the domestic bills are shared with our residential property?

We have used a part of our residential property as a holiday let over the past year. However the expenses in getting the let off the ground ( putting heating, kitchen, shower etc in ) far exceeded any income received. Your self assessment check sheet says that we don’t have to submit a self assessment t form if we earned less than £2500, after expenses. Would the capital expenses mentioned mean that we don’t have to submit a self assessment form?

Hi my wife and I are joint owners of our home, a portion of which we are using as a holiday let. Can my wife be classed as the business proprietor, so that any income is reported in her name and also any tax payable?

Our residential house has a small annex attached as part of the property. We have made significant improvements to the property and have rented it out as a holiday letting over the last year. Will the annex part of the property be liable to capital gains tax when we finally sell the whole property?