Powells Cottage Holidays

Our aim is to maximise bookings and letting income on all our properties and pitching a property within the correct rental band comes with the expertise gained by our Property Managers. We understand that an owner requires a certain level of income from the property and we feel that working within a partnership with Powells Cottage Holidays this will be achieved.

Mortgage Advice
Mortgages made easy, no nonsense advice.Powells Cottage Holidays have teamed up with the St Ives Mortgage Company a professional mortgage broker serving the whole of Cornwall with a strong focus on St Ives.

St Ives Mortgage Company specialise in finding their customers the best mortgage deals to help fund holiday homes, second homes or to make home improvements.

They will take the stresses out of your finances by providing a fast, friendly and efficient service, finding the most accurate deal to suit you and your needs. Appointments can be made by telephone, a visit to the office or in the comfort of your own home (anywhere in England & Wales).

For more information from a professionally qualified consultant please call Mathew Rees on 08000 191 015, or email enquiries@stives-mortgages.co.uk
www.StIves-mortgages.co.uk St Ives Mortgage Company is Authorised and regulated by the Financial Services Authority.

Tax advantages
There are taxation benefits of letting your property providing it meets certain qualifying conditions. The property has to be available for letting for a total of 149 days of the year and actually let for at least 70 days each year. An individual let at the property must not exceed 31 consecutive days. The property will then be classed as a business.

Part or all of any interest paid on a loan to purchase or improve your property is then regarded as tax deductible. Tax allowances may be claimed on any expenditure on items of furniture and kitchen equipment with proof of receipts. Personal pension contributions may be paid out of the profits of the letting income and this is also tax deductible. If there are any losses this may be relieved against any other taxable income.

When the property is sold capital gains tax can be avoided by re-investing any proceeds from the sale of the property into another property which also meets with the letting requirements as mentioned above.

These are only a general guideline as to the tax positions regarding furnished holiday letting properties, individual circumstances will vary and we highly recommend you check your own position with a qualified profession within this specific field.

Income Payments on lettings
All payments are made a month in arrears of the booking. For any confirmed bookings for the month of April payment will therefore be made in May. The amount paid will be the figures from the owner agreement schedule less the agreed competitive commission rate and VAT. This is paid directly into your bank account using our sophisticated and efficient BACS system. If you prefer the traditional payment method of a cheque then this can also be arranged. Payments are made by the 10th of each month. Additionally we pay owners £25.00 for every confirmed week or short break holiday starting from the 10th April. A statement of account is sent out with every payment. If a VAT and Commissions statement is required by accountants we are pleased to print this out on request.

We do charge a £50.00 registration fee which will be deducted from the owners account this is a one off payment.

Cancellation of a confirmed booking
In the event of a cancelled booking there is no cost to the owner. If a visitor cancels either for a medical or non medical reason after the holiday has been confirmed in writing to the owner, the owner would receive payment in full for this lost booking providing the property is still available for Powells to re-let for the whole of the holiday period cancelled.

Property Insurance
How well is your property covered by your Property Insurance policy? Most standard buildings insurance does not provide full and adequate cover for the special risks which apply to holiday properties. TodayÕs holidaymakers demand accommodation which is equipped to expensive standards.

In conjunction with our insurance brokers Bartlett we have designed an insurance package through Norwich Union which is tailored to the unique needs of the owners of holiday properties. If you are in any doubt, why not obtain a free quote? Bartlett will be happy to answer any additional queries you have, either in writing or over the phone, or indeed obtain an instant quote over the telephone, by calling either Hazel Barker on 0113 2593603 or a member of her team. You can also contact Hazel by e-mail on hbarker@bartlettgroup.com a few minutes may be all that it takes to provide peace of mind.

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