Advice on holiday letting business

[Moneyspider]

Hi, I wonder if anyone knows how holiday lets are treated in terms of self assessment? I have heard that these are treated as a separate "trade" on the tax return rather than going under the Irish Rental Income section - much the same way as the UK does - but can't find anything about it on the revenue.ie site. If a group of properties are available year round for holiday lets (no long term letting) and not used for personal use, I presume because this is "commercial" rather than residential letting it can go under a trade???

If so, can the cost of the property be offset or any other benefits doing it this way?

Any advice appreciated thanks!

 

[mandelbrot]

http://www.askaboutmoney.com/showthread.php?t=174405

Have a read through that thread, particularly page 20 of tax briefing 47 which I linked.

But basically the answer to your question is likely to be that it's taxed no differently to other rental income.

 

[Moneyspider]

Many thanks for your reply but I have a further question!
If my full time job is advertising and handling bookings myself, weekly (or less) changeovers and cleaning, check in and out of guests, maintenance of all the properties (or less) surely this is regarded as a trade???

 

[mandelbrot]

You need to get professional advice specific to your individual case - this is not the type of query that has a generic answer.

 

[Moneyspider]

OK thanks. Do you know how much that would cost?

 

[Jimbobp]

I use taxassit in Limerick (061) 513 320. They are v transparent and after a free initial consultation will give you an upfront price for all the work. No connection other than a happy customer.