Understand the help you'll need before you get started with airbnb property management
You’ve spent months getting your holiday let property ready, given it a lovely decorative makeover and you’re hoping to attract plenty of interest from prospective guests. You’re looking forward to income rolling in but you’re still a little unsure about the tax implications of renting out your property and what, indeed, you’ll have to pay. Airbnb property management is a great way to earn extra cash, but you need to be aware of some general tax rules. It’s always better to be proactive about tax matters than risk any penalties further down the line – especially since there are also tax benefits and tax-free allowances that can work in your favour as an airbnb property host.
Why might I have to pay Income Tax on my airbnb earnings?
Starting out as an airbnb host is often considered a bit of a hobby – a nice way to earn some extra money – but the reality is that when you’re an airbnb host you’re running a small business. Which means that, just like any business owner, you’re legally required to pay tax on the money you earn. Firstly, ask yourself how often you’ll be away from your property, in a given year.
To be subject to pay any UK Income Tax, your airbnb property must qualify as a Furnished Holiday Let and:
not be your primary residence, ie - lived in full-time
be available for letting for at least 210 days of the year
have a sufficient amount of furniture for everyday use
you’ll also be entitled to earn up to a certain amount before you are taxed with additional allowances that can be claimed for fixtures, furniture and certain types of equipment in your home
For more information on the implications of Income Tax, it’s highly recommended that you speak with a reputable financial adviser who can confirm the tax rules and how these impact you, in much more detail.
Let us help you get started in airbnb property management
So now you understand a little bit more about tax and benefits, why not let Elite Property Management help get you started. We can take care of all your airbnb property management needs from your property listing and price, key exchange, cleaning, laundry, maintenance and much more, so you can sit back and relax whilst your rental income grows, and your guests go home happy with the service they receive.
An effective property listing
Our expert team will create an eye-catching listing for your house or apartment. We’ll keep it as simple as possible, but you can expect an inviting title and all your property’s best features advertised in all the right places and in the best way.
Competitive pricing and managing your diary
You can attract the attention of new guests by setting a sensible pricing strategy. Our pricing experts thoroughly explore recent data to ensure your occupancy and profit rates are fully optimised. We look at similar properties being listed in your area to help set the right price for you. Not only that, but we’ll help you plug any gaps in your booking diary to maximise your income. And because our property maintenance team is always on hand, you’ll always find your home exactly the way you left it, when you eventually do return.
Getting to know your guests
Knowing your guests is important because it will determine how effectively you advertise your property. Elite can help you screen potential guests and root out any potential undesirables. Your airbnb description/amenities list should include things that families would be grateful for, such as sufficient beds and other important things such as ‘free access to laundry and clothes dryer’ and ‘cot and high chair provided’. Elite will work closely with you to ensure that a bespoke Welcome Pack is prepared for your guests and that all communication and on-site support from enquiry to departure is professional and flawless.
Meet and greet
A smiling face to welcome people is sometimes all a guest needs after a long journey. We’ll welcome every guest personally upon their arrival and will be at their disposal to assist them during their stay. And when it’s time to go, we’re on hand to make sure their departure is seamless.
Elite can take care of all of your airbnb property management needs
So, what are you waiting for? If you’ve got the property, we’ve got the airbnb property management expertise to get things off the ground for you, allowing you to fully enjoy the financial benefits. Contact us today to find out more.