I have heard that in future there will be no tax allowance for expenses incurred on running holiday lets and the 19% tax is to be increased to 24%. I would like confirmation of these changes, please.
I believe so.
Someone recently posted on here a link to quite a good webinar on Brexit impacts, hosted by the 'A Place in the Sun' estate agent website that is available on Youtube and this was mentioned in that.
Posted: Wed Feb 3, 2021 2:40pm
RichT wrote on Wed Feb 3, 2021 2:16pm:
I believe so.
Someone recently posted on here a link to quite a good webinar on Brexit impacts, hosted by the 'A Place in the Sun' estate agent website that is available on Youtube and this was mentioned in that.
Thanks. At least I know now.
Posted: Thu Feb 4, 2021 2:38am
Helpful member
Yes, any benefits of renting out accommodation are very quickly disappearing:
Official property inspections annually.
Legal licences and registration.
Registered plaques on each property quoting your licence and registration number.
Legal on-line regjstraion of every new occupant with police system
Official complaints and customer feedback forms in every property
And if you do not massive fines in court often in excess of 100,000 euro or prison
A rental income now legally linked to tax evasion
And so it gets worse!!!
Posted: Thu Feb 4, 2021 9:06am
GraSal wrote on Thu Feb 4, 2021 2:38am:
Yes, any benefits of renting out accommodation are very quickly disappearing:
Official property inspections annually.
Read more...
Legal licences and registration.
Registered plaques on each property quoting your licence and registration number.
Legal on-line regjstraion of every new occupant with police system
Official complaints and customer feedback forms in every property
And if you do not massive fines in court often in excess of 100,000 euro or prison
A rental income now legally linked to tax evasion
And so it gets worse!!!
Most of those already apply and have done for a while.
Advertisement - posts continue below
Posted: Thu Feb 4, 2021 9:08am
098fethiye123 wrote on Wed Feb 3, 2021 2:40pm:
Thanks. At least I know now.
I checked Place in the Sun on tube and found no relevant information on the tax changes for holiday lets.
098fethiye123 wrote on Thu Feb 4, 2021 9:08am:
I checked Place in the Sun on tube and found no relevant information on the tax changes for holiday lets.
I believe it is towards the end of this. If not, then apologies!
https://www.youtube.com/watch?v=w1nLlx78zg8
or try google...
Posted: Fri Feb 5, 2021 11:37am
Super helpful member
Most of what GraSal said is true and has been required for the last 2 or 3 years. Initial inspection visit though not annual
Non residents from Jan 2021 pay 24% on income with no offset expenses allowed.
Posted: Fri Feb 5, 2021 12:15pm
crissywissy wrote on Fri Feb 5, 2021 11:37am:
Most of what GraSal said is true and has been required for the last 2 or 3 years. Initial inspection visit though not annual
Non residents from Jan 2021 pay 24% on income with no offset expenses allowed.
I have had my apartment for 5 years and it has had 2 inspections.
Posted: Wed Feb 10, 2021 7:36pm
Where would tax liability lie for a Brit renting out a holiday home in Spain who still works in U.K. and also rents out a property in U.K.? Would accounts and tax be filed and paid in each country now? Rather than Spanish rental income declared and paid on U.K. tax return
Thinking outside the box as a dual national Irish with Irish bank account. Could rental income be filed and tax paid in Ireland as EU country?