Kliment Paskalev
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RE: Sole-trader Aibnb host or just UK rental property income?
Thank you! Should I therefore somehow delete the self-employed account or there is no such thing and I can leave it as it is? -
Sole-trader Aibnb host or just UK rental property income?
Last year I started to rent out my flat on Airbnb and I just wanted to tell HMRC that I've started a side-hustle as an Airbnb host, so I registered as a sole-trader as Airbnb host. I've now started to do my first self-assessment tax return and I found out that there is another section on there for UK property rental income. It seems it was not necessary to register as an Airbnb host self-employed. What is the correct way of doing it? Should I somehow un-register the self-employed airbnb host and just continue with the rental income section on the self-assessment form? Thanks -
RE: Can mortgage interest be deducted as expense in 2022/23 for short-term holiday lets?
When calculating the mortgage interest that is deductible, is the calculation based on the month that is being made available, or is it based on the actual days that is has been successfully let? I've failed to find this specific explanation in the documentation. Example: interest for month is £100, month has 30 days and is being made available, only 20 days were actually booked and the month passes. Is the deductible interest 66% of £100 (20/30 days booked) or is is £100 because it was made available as a short-term let during that time? (regardless whether the base rate 20% for that cost of finance expense is then applied). Thank you. -
Someone is registered at my address, I keep getting their NI, pension, etc. details.
Posted this in this forum since I keep getting someone else's letters. They contain their names, National Insurance number, State Pension information and some other codes. I would like to somehow prevent this person from being registered at my address for the benefit of both of us - they will get their mail where it needs to go, I will not have other people using my address. I could not find any email or chat of State Pension or HMRC services to contact someone and try to get this sorted. What do I do? Thank you. -
RE: Can detergent, soap, oil, coffee, etc. be deducted as expenses for my short-term let Airbnb?
Thank you! These expenses do eat a lot of the letting income so this will help a lot! -
RE: Can mortgage interest be deducted as expense in 2022/23 for short-term holiday lets?
Hello, Thank you so much for the quick response. I've had a look the the link you shared about FTL. I do have it available to let for 210 in the year, and I do managed to let it out for 105 days, so those two conditions I do meet. I probably didn't explain it well in my first thread. So first condition -The availability condition. Your property must be available for letting as furnished holiday accommodation letting for at least 210 days in the year I do have it available for that period. Second condition- ;The letting condition. You must let the property commercially as furnished holiday accommodation to the public for at least 105 days in the year" I did succeed in having more than 105 days of letting out the property. My loan is a Residential Mortgage take in May 2022. Does this mean then that I can deduct mortgage interest as an FHL expense as I'm meeting the availability and letting criteria? Thanks. -
Can everything in my Service Charge of my flat be deducted as expense from running an Airbnb?
Hello, I rent out my flat on Airbnb whenever I am not in town. My flat is in a building with other flats so it is a leasehold, with a managing agency for the building collecting Service Charges each 6 months. I have read online that the Insurance of the building can be deducted as an expense, of course only the percentage of the sum matching the occupancy rate. However, my Service Charges have other expenses for maintaining the building such as Management Fee, Garden cleaning fee, corridor lighting electricity, Fire risk assessment and safety checks. Question is, can those also be partially deducted from gross income as expenses for running the Airbnb? (matching the occupancy rate percentage - i.e. not full amount of fees) Thank you. -
Can detergent, soap, oil, coffee, etc. be deducted as expenses for my short-term let Airbnb?
Hello, I let out my flat as an Airbnb, and try to have the essentials stocked up for the quests. They can use the washing machine, use the shower, cook in the kitchen, etc. So a lot of these common for a household products need constant restocking as the guests exhaust them. For example, laundry detergent, shampoo, soap, coffee, oil, sugar, salt, bathroom/kitchen cleaning products. Can those be added as an expense for running an Airbnb? Thank you. -
Can mortgage interest be deducted as expense in 2022/23 for short-term holiday lets?
I have read conflicting information on whether mortgage interest rate can be deducted as an expense. The answer might depend on several factors, so let me share my case: My case is that I have a residential mortgage for my first home where I live. I do travel a lot because of my work and family so I can afford to rent out my flat for more than 105 days a year. I rent it out on Airbnb and have set the maximum stay length as 30 days. So far being compliant with the Furnished Holiday Let (FTL) criteria I guess (not sure if that affects anything). So question is, can I deduct my mortgage interest as an expense, only of course for the period my flat is rented out. For example, month's rent days are 15 (out of 30) and my mortgage interest for the month is 200. Therefore, question is - is the 200 * 0.5 (half a month) = £100 of month's interest eligible to be written off as an expense? Thank you. -
RE: Do I need invoices from my cleaner as an Airbnb host, or is just bank transaction records fine?
Hello, Thank you for the quick response! That is very helpful indeed. Another question I have is about which sum is deductible as an expense. In some cases, I have had to pay my cleaner extra money, but the AirBnB receipt/invoice reflects the original. For example: My Airbnb booking has £120 revenue sent to me, 100 of which are for the night rented and 20 are for the cleaning fee. However, upon inspection from the cleaner, there have been extra things to clean that are not usual to most check-outs, so I end up paying the cleaner £25. Question is, can I write off the £25 as the cleaning expense, although the Airbnb receipt says 20 are for cleaning? All of course under the fact that the £25 bank transaction to the cleaner is recorded and can be provided as proof. Thank you.