Hi, would be grateful for some advice on this. Background: age 45, already an accidental landlord under personal name, would like to get accommodation near to me for my parents to stay in. They visit us and grandkids maybe 2 weeks every couple of months, and would like their own space. I have decent income in to both personal and also Ltd company , but not enough to just buy them a flat outright for occasional use.
One option I’ve considered: by a flat through Ltd
Company, put it on Airbnb / booking.com, and let it to others when they’re not staying.
I’m aware that when they are staying, I can’t just block off the bookings as this would be significant personal benefit and dodgy tax behaviour. Therefore I would pay the going rate and book it up via the platform. Indirectly we would receive the income eventually albeit with double taxation (a hit in prepared to take)
What are the drawbacks of this?
I don’t necessarily want to make money, just not lose loads of money. I have a contact with experience of managing SA for others who would be able to clean / prepare etc. I have experience of letting our own house via Airbnb but this was in ‘the good old days’ about ten years ago when it was much less common. Was a very positive experience but it’s probably all changed .
Don’t really know who to speak to to get advice on this!