I am currently having a horrific experience with Airbnb. I ...
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I am currently having a horrific experience with Airbnb. I had a PAST reservation cancelled. The guest have already stayed. ...
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So i put in things like
laundry and cleaning costs
the interest aspect of my mortgage
the sky TV
gas and electric
the gardener/window cleaner
that sort of thing .... but i welcome my guests and that was 59 visits last year at 48 mile round trip, is this claimable?
Am i missing anything?
Thanks Steve
@Steve-And-Nicala0 A few thoughts but I am NOT a tax professional
1) Water/sewarage costs
2) Supplies such as toilet paper etc.
3) We, rightly or wrongly, claim for mileage taking the washing to the launderette. We haven't been audited (yet) so no idea if this is really allowed but it feels legitimate
4) If there are two of you (as your name suggests) are you aware that you can apportion the rents in anyway you like between the two of you thus maximising personal allowances and minimising tax rates if one of you has other income
5) I assume you add Airbnb host fees to revenue and and your costs.
6) Assuming you are not claiming a pension and if you can afford the cash flow then holiday let earnings are pensionable.
7) I assume you are business rated and hence don't pay council tax
😎 I trust you are nowhere near the VAT threshold which opens up a whole new nightmare.
Currently, I expense:
- A portion (because I am a live in host) of mortgage interest, all utility bills, including water, and Council Tax, plus the TV and Wifi Service. I recently added the fee for the garden waste collection as, after all, my guests have use of the garden and it must be maintained. However, I have never expensed gardening related purchases such as compost, tools, plants. I wonder if this would be acceptable?
- Cleaners' fees, cleaning products, laundry detergent etc.
- Replacement items, e.g. new dishwasher, vacuum cleaner - anything that is necessary for hosting could technically be included, but I try not to go overboard with this.
- Bedlinen and towels. Occasionally also shower gel, shampoo etc. as I provide these for guests but they don't use much of them so it's not a regular expense.
- Because I am self employed, I already expense things like my mobile phone, computer equipment etc.
- Repairs and maintenance, which includes labour and materials. I recently added servicing/certification of the boiler and electrical safety certification, as these are required by if you are renting out a property. My accountant told me that repairs are expensible but that renovations can only be included if the need for them has arisen later, i.e. from wear and tear. So, for example, the bathroom renovations I did when I bought the house would not have been valid expenses, but the retiling and refitting I did recently of one of those bathrooms due to a leak would be.
- Accountancy fees.
- I am an on site host, so I don't have travel expenses related to that, but if you do, I don't see why you can't expense the mileage.
I have thought about expensing food items like tea, coffee, sugar, cooking oil etc. that is provided to guests, but haven't done so yet. What about fresh flowers? I often buy these for the house but don't know if that could be considered a hosting related expense.
Sorry - nothing helpful on this but I am cheekily jumping on this thread to ask if any of you would recommend your accountant/tax adviser? I am about to start Airbnbing and I would like an accountant with a good understanding of Furnished Holiday Lets who can vet the items I include on the expenses sheet.