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Post Info TOPIC: Holiday let - split the profits on individual tax returns OR file within the partnership tax return
rachel_mclean


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Holiday let - split the profits on individual tax returns OR file within the partnership tax return
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Hi, I wonder if anyone could give me a bit of advice.

 

I have a new client, a husband and wife who run a holiday let. They started the business within the 2015/16 tax year, the had a previous business together which was a partnership - this finished in the 2014/15 tax year and has all been dealt with. They are still registered as a partnership as well as both are registered as self-employed.

 

The holiday let is know the only business they run. My question is should I prepare the holiday let accounts and split the profit into each individual tax return? or should it all be filed on the partnership return? It qualifies as a furnished holiday let.

 

Another question I wanted to ask was about the start up costs (I have trawled through HMRC's website before posting this and it seems more unclear than before I looked it up!). Can the start up costs be claimed? 

What I am calling start up costs

  • Repairs and maintenance to make the let let-able
  • Furniture/white goods/TV's etc.
  • Furnishings (bedding, cushions, plates, cutlery etc)

If these are allowable would the furniture/white goods, TV etc be capitalised? and the repairs and furnishings be expensed?

 

Thanks in advance for any advice, sorry for such a long question (and questions within questions)

Rachel

 

 

 



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Rachel
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