We offer a full management service with the aim of turning your assets in to a profitable year round income with the benefits and flexibility of the short term rental market.
Our team of seasoned hospitality experts will set up a listing for your apartment. Manage all guest communications and ensure a meticulous and efficient change over.
(Jem Holiday Let is an independent third party and is not affiliated or endorsed by Airbnb or its affiliates, in any way)
A single picture tells more than a thousand words. That’s why we’ll send over one of our professional real estate photographers to capture your home from its best side. Expect photographs worthy of a magazine cover.
We are available for owners and their guests 7 days a week. We operate outside of normal office hours to ensure that guests questions are answered promptly and emergencies are dealt with as soon as possible. From changing a lightbulb to small fixes, we’ll also take care of basic property maintenance tasks and will be on call throughout your guest’s stay.
Empowered with our team of professional housekeepers, Jem Holiday Let will add a touch of home away form home, to your property. Expect an impeccably clean place, each time.
We will ensure that your property is well stocked with guest essentials like tea, coffee, sugar and basic household supplies. We will also provide your guests with a welcome pack including fresh milk, bread & orange juice and can also help put together a house manual if you don't already have one.
We can provide your property with quality linen and towels if required. We also have our own laundry facilities and an in house team to ensure that every guest enjoys freshly laundered linen and towels.
Owning a holiday let can be very advantageous. Not only does it provide enjoyable holidays for your family and friends, it provides a potentially lucrative additional income.
Here we explore the many benefits of becoming a Furnished Holiday Let (FHL) and explain how your property can qualify for this status.
What is a Furnished Holiday Let Tax?
This is a special tax rule on rental income for properties that have qualified as a Furnished Holiday Let (FHL). If your property let qualifies then you could claim Capital Gains Tax relief. At this point, you may be wondering 'how does my property gain FHL status?' to qualify as a FHL your property must meet the following criteria:
* It must be located in the UK or European Economic Area
* It must be fully furnished
* It must be commercially let
* It must also be available to let as a FHL for at least 210 days of the year and must be let to the public for at least 105 days of the year
* It must not be let for long term lets (those over 31 days) for more than 155 days per year
WHAT ARE THE ADVANTAGES OF A FURNISHED HOLIDAY LET?
Kitting out your property can be tax redeemable.
Capital allowances can be claimed on your FHL property. This means the cost of kitting out your property to a luxury standard (and in return, increasing your potential rental income) can be deducted from your pre-tax profits. This isn’t an option available for long-term rental properties.
Make tax-advantaged pension contributions
Income generated from a FHL property is classed as ‘relevant earnings’ which means you can make tax-advantaged pension contributions.
Does my holiday let need to be VAT registered?
Most holiday properties do not need to be VAT registered, however this would depend on whether your total rental income for the year exceeds the current VAT registration threshold.
When you sell your property
If you should come to sell your FHL property, you are able to claim certain Capital Gains Tax (CGT) reliefs. These are unavailable to long-term rental properties and include:
* Entrepreneur’s Relief
* Roll-over Relief
* Hold-over relief
Split the profits between your husband/wife
If you share the ownership of your FHL with your husband or wife, profits can be flexibly distributed between you both for tax purposes. With long-term rental properties, profits would be distributed according to the official ownership split (eg. If you owned 50% of the property, you would share 50% of the profits). With a FHL property, you can portion the profit however you decide. For more information, see here.
Will I need to pay council tax?
If your holiday let is made available for 140 days or more per year then you will be required to pay business rates and so won't have to pay council tax. We find this is a great benefit as more often than not, holiday let owners pay less for business rates than they would for council tax. In some areas, you can claim 100% business rates relief.
Inheritance Tax
The special treatment does not extend to inheritance tax but complete relief from this tax may be available where the lettings are short term and the owner is "substantially involved" with the holidaymakers. The owner may use an agent, which the taxman suggests should be a relative or a housekeeper. However, a commercial agent such as Jem Holiday Let may well be able to provide a restricted ongoing service if inheritance tax relief is sought in addition to the other relief's.
Please note that all details printed within these pages are for information purposes only and are not to be taken as Financial or Tax Advice. To obtain Financial Advice or Tax Advice you will need to speak the relevant specialists about your particular circumstances.
Get in contact if you have any questions or queries