Holiday Letting

[Basil B]

Hi all,

I have a condo in Jomtien and thinking of letting it to vacationers for a week or so each let.

Advertise it here in the UK advising clients how to get flights, arrange pick up at airport, etc, with booking on the internet, payment by Pay-Pal.

My question is if all money were paid direct into my Thai account would it be a lot less tax to pay than if I were to bank the money in the UK and pay 22% tax on it?

Would I be able to offset all expenses against tax?

Is it a big problem getting accounts done in Thailand?

BB

[astral]

There are two options.

Declare the income for tax in Thailand.

You should be able to claim expenses and will certainly get a personal allowance to offset some of it.

Open an offshore account in the Channel Islands and bank the money there. As far as I know money earned overseas is not taxable in the UK.

[Thaibel]

Or open an account in Switserland with online banking, it's free too

[Dragonman]

As you asked "legally" You must declare any letting income on your tax form in Uk. Tax payable will be based on how much tax you paid in Thailand, and this can be offset against tax payable in UK. This is of course if you are "resident" in UK.