Whether you host predominantly through Airbnb, or any other holiday let website it is important that you have an accountant that can give you the best quality service and maximise your tax saving opportunities specifically available to the furnished holiday lets industry.
We recognise the challenges specific to holiday let accounting and we want to help you free up as much of your time as possible so that you have more time to host and do what you enjoy most.
We also recognise that many Airbnb hosts this may be a second source of income and mortgage and want to make sure we look at your finances as a whole and give you the peace of mind that your accounting is in safe hands.
Our specialist accountants are here to make your life easier to streamline your bookkeeping and expenses and provide you with a fully integrated digital solution seamlessly linking your Airbnb with cloud-based accounting software.
App for all your expenses, receipts and bookkeeping.
Complete your personal and business tax return.
Always available for any queries
Ensure you utilise tax relief on fixtures and fittings/mortgage.
Why should holiday let/Airbnb businesses
In the last few years, the furnished holiday lettings industry has grown significantly. It is a diverse and interesting industry with numerous marketplaces made up of many unique millions of unique holiday short term rentals globally. Whatever marketplace you list with whether it is Airbnb, Sykes Cottages or Booking.com you need good financial advice to make the best of your opportunity as hosts.
At MWA we understand that the financial side of the business is not where may hosts interest lies nor do they have the time to give it the attention it requires. A lot of the tax regulations around second homes and short-term rentals can be complex and require specialist input.
We have over ten years’ experience working with entrepreneurs and businesses of all shapes and sizes including holiday let and property rental portfolio businesses. We understand the dynamics of your business and the unique market challenges.Book a Call
Bespoke holiday let packages
based on your needs.
Those with a single rental/Airbnb property wanting some assistance ensuring they remain tax efficient and accurate.
Property owners with multiple rental sites requiring assistance with a wider range of tasks from bookkeeping through to annual accounts.
Owners with 10 or more sites requiring a more specialist service potentially incorporating short term holiday rental with long term property letting.
“…thanks for all your hard work looking after us for the last six years. Richard and his team have provided the company with excellent service...”
"...MWA have never let us down. They have plenty of experience working with businesses in our sector and are well placed to provide knowledgeable and clear insight into our finances."
“…working with MWA has been a life saver...we're never more than a phone call away from practical business advice as and when we need it.”
Yes, you can. Fixtures and fittings can be offset against your tax bill from the day they were purchased whereas if it was a buy to let this can only be done when those items are replaced.
The interest payment on the mortgage is tax deductible for an Airbnb rental as a relief due to the int3rest rate generally being higher in comparison to a buy to let.
This is totally dependent on your circumstances like how much income you generate elsewhere if any and how much your Airbnb turnover, book a quick call and we will be able to advise you which route is best.
Yes, but it's depends how ... if you've replaced double glazed with double glazed, then cost of that is deducted from your rental income in that year. If you've replaced old single glazed windows with new double glazed, then you've added something which will increase the selling value and/or opportunity; this is considered a capital expense, so instead of getting the tax relief now, it's added to the cost of the property and so reduced your taxable gain when you sell it.
letting agent fees, repairs & maintenance, gardening & cleaning, council tax, utility bills, ground rent / service charge, accountancy fees (NB fees for preparing rental account, not fees for preparing a tax return).
If you rent a room in your house, which shares the same front door and common areas (e.g. a flat mate), then you don't pay tax on the first £7,500 pa
If you received less than £1,000 rent, you don't pay tax or need to do a tax return (unless there's another reason why you do).
You'll pay tax at 18% or 28%, dependant on your total income that year. The tax will be calculated on your deemed gain on the property, which is usually sale price less purchase price less cost of improvements (not repairs) less legal buying/selling fees. If you've ever lived in the property, the gain is reduced.