There are a number of elements that can affect the taxes you pay on your holiday let, but with Sykes you won't need to worry as we're here for you every step of the way. The following is a list of tax implications to consider:

• Allowable Expenses - these will need to be deducted from your gross rental income before you can work out your taxable profit. Allowable expenses include any costs associated with letting your property.

• Capital Allowance - this is for your holiday property's furnishings as well as any equipment used outside the cottage for maintenance. You could even claim 100% of the cost for some environmentally-friendly purchases.

• Entrepreneur's Relief - if disposing* of a Furnished Holiday Let then you could claim Entrepreneur's relief.

• VAT - If your total rental income for the year does not exceed the VAT registration threshold then you will not have to pay VAT.

We want to make sure you have all the right information and plenty of help to make holiday letting work for you. To find out more, speak to a member of our experienced property team when it comes to holiday letting.

* Disposing of an asset can mean selling it, giving it away or transferring it as a gift, receiving compensation for that asset or swapping the asset for something else.

Those who own non-domestic properties, including holiday lets, will more than likely have to pay business rates, which are a tax to help towards the cost of local services. However, depending upon the profit your property makes, you may be entitled to small business rates relief.

If you are new to holiday letting, business rates may well be an area you're still unfamiliar with, but whatever stage you're at, we can help.

For guidance concerning all things holiday letting, get in touch with one of our property team. They are here to guide you through everything you need to know to ensure your business venture is successful.

Most holiday properties do not need to be VAT registered, however this would depend on whether your total rental income for the year exceeds the current VAT registration threshold.

If you're seeking further information then speak with us today. Our property specialists have the knowledge to help steer you in the right direction.

If your holiday let is made available for 140 days or more per year then you will be required to pay business rates and so won't have to pay council tax. We find this is a great benefit as more often than not, holiday let owners pay less for business rates than they would for council tax.

Need more information? Our team are here to help make sure your holiday let investment is successful. On top of that, our pricing analysts specialize in setting the best booking price for our owners, meaning your property will enjoy the best possible return.

There are a number of ways you can minimize the amount of tax you pay on your holiday let:

• Capital Allowance can help you claim up to 50% back on furniture and furnishings as well as equipment used outside your property for maintenance. You could even claim up to 100% of the costs back for purchases that count as environmentally friendly.
• Entrepreneur's Relief can help you reduce the amount of Capital Gains Tax you pay when disposing of your holiday let.

Sykes work hard to make sure your holiday letting experience is as seamless as possible. Our property team are available daily to discuss any queries you have, and whatever you need from an agent, we can help, so get in touch for some friendly guidance. We can't wait to hear from you.