Any accountants on here? Quick boring tax question

Blumers Bloomers said:
Hi all

Recently bought a chalet up in The Lakes and have sub let it out occasionally via the Holiday Management company. This has generated income for us …which essentially will be used to offset our annual pitch fees (although we will still be short and have to find the delta)

I know nothing about taxes having worked on a PAYE basis all my life …..am I going to get a tax bill from HMRC ?!!

Thanks and sorry to be so dull
Click to expand...

I doubt you’ll need to pay for advice.

www.gov.uk

Renting out your property

Landlord responsibilities when renting out your property, including making repairs, health and safety, increasing the rent and changing regulated tenancies.
www.gov.uk www.gov.uk
 
Blumers Bloomers said:
Hi all

Recently bought a chalet up in The Lakes and have sub let it out occasionally via the Holiday Management company. This has generated income for us …which essentially will be used to offset our annual pitch fees (although we will still be short and have to find the delta)

I know nothing about taxes having worked on a PAYE basis all my life …..am I going to get a tax bill from HMRC ?!!

Thanks and sorry to be so dull
Click to expand...
You need to do a self assessment. It's easy to do once set up , but setting it up online is a nightmare. I'd suggest you get started ASAP and save all passwords and references numbers etc carefully. First thing you need is a code, one for each of you. You can off set the cost so dig out all the detail and save it somewhere.
 
Blumers Bloomers said:
Hi all

Recently bought a chalet up in The Lakes and have sub let it out occasionally via the Holiday Management company. This has generated income for us …which essentially will be used to offset our annual pitch fees (although we will still be short and have to find the delta)

I know nothing about taxes having worked on a PAYE basis all my life …..am I going to get a tax bill from HMRC ?!!

Thanks and sorry to be so dull
Click to expand...
If you don’t yet, you will have to do a self assessment tax return.

This should help

HS253 Furnished holiday lettings (2022)

www.gov.uk www.gov.uk
 
Potentially, yes. You’ll have to declare rental income via self assessment. Whether you pay tax or not depends on whether it qualifies as a holiday let and then whether rental income exceeds allowable expenses.

It sounds like you need to some reading up before going down this route.

@denislawsbackheel ‘s post above gives a useful pointer.
 
Last edited:
Blumers Bloomers said:
Hi all

Recently bought a chalet up in The Lakes and have sub let it out occasionally via the Holiday Management company. This has generated income for us …which essentially will be used to offset our annual pitch fees (although we will still be short and have to find the delta)

I know nothing about taxes having worked on a PAYE basis all my life …..am I going to get a tax bill from HMRC ?!!

Thanks and sorry to be so dull
Click to expand...
We have a property in Chester that we rent out. SWMBO completes the HMRC online self assessment forms every year.

We make money after the fees and maintenance are paid and because it’s just over her allowance when her NHS pension is taken into account the tax is pretty low.. ~£300 this time

Pretty easy to do
 
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