Hi. A property has been a furnished residental let for a number of years. The owner is now considering whether it should be a Holiday let. I understand the rules regarding number of days it is made available for holiday let etc however is there anything that needs to be done to make the change from residential to holiday let, ie any forms to be submitted to HMRC? Do HMRC have any issue with the property being changed from one to the other and does this impact the previous tax returns? Thanks
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Have a word with your accountant. He/she will know the rules or be capable of researching them.
There can also be occasions when property may be considered to have a RV and pay rates rather than Council Tax, suitable insurance dealing with the short term occupancy and possible non occupancy is maybe advisable and a review of fire safety within the premises should also be considered.
If in say Edinburgh I would not be surprised if apart from needing to register as a Landlord, as all landlords do, more regulation re holiday lets does not get introduced over this year and next- it is a very hot topic up here.