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Post by JI on Nov 5, 2003 21:07:45 GMT 1
Hi
Does anyone have any experience of renting their property out in the summer months? If so are there any laws/tax implications etc. to doing so?
Thanks
JI
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Post by Peter on Nov 6, 2003 19:01:22 GMT 1
There are official regulations governing this. Unofficially, it depends on how intensive your letting is and whether someone else nearby who is paying the taxes cottons on ! If you are running a business, it should be registered, a local bank account maintained and tax paid if the profits reach a certain threshold. You should also be charging your guests Tourist Tax (on a daily basis) plus another amount when their arrival and departure are registered. These are very small amounts and the actual rate varies from district to district. They are more of a nuisance than anything else, but if not charged and paid could cause difficulties out of all proportion to the money.
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