I clearly have no problem in making myself look stupid but I've hit a mental blank on this one.
Husband & Wife have just started letting their own holiday home as a furnished holiday let so do they have to register the business with HMRC and pay Class 2 NI as if a "proper" business?
Please don't make more fun of me than is absolutely necessary!
Ta
P
Replies (3)
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no and no
No - there's no NI and no - you don't look stupid.
I think the first page of the notes for page SA105 (income from property)
http://www.hmrc.gov.uk/worksheets/sa105-notes.pdf
distinguishes between income from property and self-employment. Furnished holiday letting is in the income from property category (on which there is no NI) rather than self-employment (on which there is, of course, NI).
Good Q
I think its a good question given FHL is treated essentially as a sole trader for most of the rules its one of those you either know it or you dont.
Its not like you have asked so, income tax and dividends, how does that work then?