We've had an offer accepted on a property which we intend to run as a holiday let ( in the uk/). I'm keen to understand the tax situation so that I can get things right, bit information on the web seems quite limited, and books on the subject date very quickly due to several recent changes
.. I've also seen completely conflicting info on here...
Can anyone recommend where I can get expert advice?
The particular issue I'm concerned about is the fact that we look like completing before the high season is over, so may struggle to meet the qualifying occupancy levels in our first year, if the clock starts as soon as we complete (it will be unfurnished, so we have to buy and install everything, and we have to set up advertising, it hasn't been let before...). Can we defer declaring it to be a holiday let until we're ready, or must it be seen as one as soon as we buy?
Also, i believe we can offset the cost of furnishing it against profits for tax purposes (over several years), but will it cause a problem qualifying, if we buy stuff before the property purchase goes through (just so we're ready to get everything in once it does, items won't be used for anything else, and I'd keep receipts and good records)?
Any help, or pointers on where I can get definitive advice would be much appreciated :-)!