Greetings,
I have established a LTD company to purchase a property, with the intention of operating a Furnished Holiday Let. This means I can claim capital allowances so that I can furnish the property to a decent standard and deduct the cost from pre-tax profits. Also, if the holiday lets do not work out then I have the option of BTL and I can still deduct mortgage interest and only pay corporation tax, rather than income tax.
As I understand it, if my net profit from renting the property exceeds £1k but is less £2.5k I would need to declare it by phone or in writing to HMRC. However, if the income is greater than £2.5k but less than £9,999 I need to declare this via a tax return.
My questions are:
1) If my profit is less than £2.5k, do I not need to submit either a Company Tax Return (CT600) or Sel Assessment Tax Return (SA100)? As a ltd company, I would have thought I need to submit something
2) If my profits exceed £2.5k, which form is relevant - CT600 or SA100. I would have thought it would be CT600 as I'm paying corporation tax rather than income tax. However, the Furnished Holiday Let section seems only to exist on the SA100 form.
I'm new to owning a business and find taxation extremely confusing, so any help would be gratefully received.
Thanks!
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