I have received rental income from 3 properties and a footwear business. I am registered as self employed but honestly I haven't a clue what I'm doing. My questions are at the end:
A 3 bedroom property, I have resided in one room in the property for 275 days.
The other rooms/the rest of the days in my room I have been sub renting out to both short and long term Airbnb guests whilst I pay the bills, costs and rent for the full property to the landlord.
I received £39,263.23 in Airbnb rent
Total costs for the property £25,115.82 (of which £22,100.04 were my rent costs)
I assisted a Chinese national with the sub renting on my Airbnb account of her whole studio flat for 90 days on Airbnb to both short and long term Airbnb guests and paid her 50% of any profits.
I received £32,036.82 in Airbnb rent
Total costs for the property £24,353.91 (of which £23,400.00 were my rent costs)
50% of the profit was transferred to her.
I assisted a different Chinese national with the sub renting on my Airbnb account and her Airbnb account of 2 of the 3 rooms in the 3 bed flat that she resides on Airbnb.
We received £24,530.76 in Airbnb rent. £20,032.43 of that was received on her Airbnb account and she transferred me £9835.86 the rest is to me.
Total costs for the property £25,368.56 (of which £22,574.14 were my rent costs)
£1,885.09 in sales (UK, EU and international)
£1,346.01 in expenses (UK, EU and International suppliers)
I have not been charging VAT on any of these. I have been charged VAT on all expenses other than rents.
-Do I need to register for VAT? I understand the threshold is £85,000 but I don't know if these can be classes as seperate businesses or if I do indeed exceed this figure anyway. I do not expect to reach this figure again.
-Would I be better off if I registered anyway?
-How much VAT do I need to pay/can claim?
-If I can offset this year's personal profits against 2 losses incurred in 2017 and 2018 to fall below the £11,500 allowance will this change things?
-Would there be a better/more tax efficient way for me to organise these things?