Hi, hope someone my point in right direction after I have drawn a blank on google.
I am wondering what the BIK situation is from living in part of a residential property that is operated as small hotel/b&b/guesthouse and owned by a limited company. We would be owners and directors of the limited company.
I have seen the rules for accommodation provided for employees, and noted that there is a BIK exemption if employees need to live on business premises, but this exemption does not apply to directors. Does that apply to a guest house? I thought due to nature of job there may be an exemption but cannot find anything.
I would have thought this was a relatively common situation - directors of hotel/guesthouse limited company living on site - and was surprised to find no specifics. Some info re tax specifics if you're operating b&b/guesthouse in PPR as sole trader but nothing for limited company.
Anybody come across this before? TIA
I am wondering what the BIK situation is from living in part of a residential property that is operated as small hotel/b&b/guesthouse and owned by a limited company. We would be owners and directors of the limited company.
I have seen the rules for accommodation provided for employees, and noted that there is a BIK exemption if employees need to live on business premises, but this exemption does not apply to directors. Does that apply to a guest house? I thought due to nature of job there may be an exemption but cannot find anything.
I would have thought this was a relatively common situation - directors of hotel/guesthouse limited company living on site - and was surprised to find no specifics. Some info re tax specifics if you're operating b&b/guesthouse in PPR as sole trader but nothing for limited company.
Anybody come across this before? TIA