Renting out a home is a very lucrative business. To start your own business, you need a minimum investment, while the payback is 100%.
Starting your own business in the UK won’t be a big deal. It is enough to become an individual entrepreneur – sole trader. To do this, you need to notify HMRC about your desire through the official website or by filling out a form that can be downloaded from the website and sent by mail. Also, you need a special code – National Insurance Number.
Taxes are paid immediately from all sources of income. The tax period starts on April 6 and ends on April 5. You must pay income tax and Class 2 NI contributions. If you intend to hire staff, you will definitely need insurance. It is not necessary to open a bank account, you can use a personal one.
An office is not required to provide real estate rental services. Applications can be processed at home, anywhere through a computer, phone, and other gadgets.
The main waste when renting out housing will go to the registration of documents, the purchase of furniture, household items, decor. Additionally, you can take into account the cost of advertising and the change of some materials after the eviction of tenants.
Remember that long term rentals are simpler and do not require a lot of effort. Short-term – requires more attention, but also suggests a wider price range, which increases profits.