Costs With Serviced Accommodation
Episode description
When embarking upon the serviced accommodation route in property investing, it's always wise to keep ahead of the costs and rates you might be facing. In this episode, Shaz discusses them all, and how you can best maximise the profits you make.
KEY TAKEAWAYS
- Classifying your property as a furnished holiday let will allow you to take advantage of several tax benefits that do not apply to other forms of SA.
- The more services that you offer, the closer you move towards a general serviced accommodation, meaning that you don't need to fulfil the rules for a furnished holiday let.
- Hidden costs you might not consider include the changing of linen which c an be expensive. Replacing crockery and other breakables can also prove costly.
BEST MOMENTS
'If you're not offering many services then you might be classed as a furnished holiday let'
'To keep it simple, think about the services you'd get in a bed and breakfast'
'Be aware of what all of your costs are'
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on: