11:24 AM, 11th July 2017, About 5 years ago 1
I have a 2nd property in Brighton that I Airbnb. I wanted to do this so the property is free when I want to stay there for holidays and weekends away.
It has proved quite successful and is making a healthy profit each month, I am now concerned because I am a 40% taxpayer and this means any income from the flat I will also have to pay 40% tax on.
My question is, am I better off putting the flat into a business so its not on my personal income? Is this allowed / possible? I am such a novice, I’m really nervous about all of this and would really appreciate any advice anyone has.