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Where Taxpayers and Advisers Meet

Search found 3 matches

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by stephenco
Thu Feb 14, 2019 1:21 pm
Forum: VAT & Excise Duties
Topic: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?
Replies: 5
Views: 181

Re: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?

Is it an option to let one or more of the properties on long terms lets, which brings your taxable supplies below the de-registration threshold (£83k) and then come out of VAT altogether? It may be time to let one of the properties go and then reduce our income to under the threshold. The worry the...
by stephenco
Thu Feb 14, 2019 1:19 pm
Forum: VAT & Excise Duties
Topic: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?
Replies: 5
Views: 181

Re: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?

Increase your fees. Include VAT so that those registered can reclaim. Good point, I'll have another discussion with booking . com about this. Sort out your 70% expenses. What savings can be made? Unfortunately we've already looked at this many times but can't find any further savings. It may be tim...
by stephenco
Sun Feb 10, 2019 8:02 pm
Forum: VAT & Excise Duties
Topic: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?
Replies: 5
Views: 181

VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?

My wife and I are retired owners of 4 properties in the UK, all of which are in joint names and all managed for us as holiday lets. The total gross booking income for these is just under £100K / annum and as such we have recently asked our accountant to register us for the Flat Rate VAT scheme which...

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