Serviced accommodation has emerged as a fruitful opportunity for property owners to maximise rental income and diversify their property portfolio. However, ensuring a seamless and profitable operation requires effective serviced accommodation management.
By partnering with us, property owners can have the professional expertise, industry knowledge, and a dedicated team to handle all operational, administrative, and financial aspects of their properties.
Our comprehensive support allows landlords to focus on their core business while their serviced accommodations are efficiently managed and optimised for success, leading to increased profitability and long-term growth.
Defining Serviced Accommodation
Serviced accommodation refers to fully furnished properties rented out on a short-term basis, offering a home-like experience to guests.
It includes various types, such as serviced apartments, vacation rentals, holiday homes, Airbnb, corporate housing, and extended stay hotels. These accommodations provide facilities like kitchens, living areas, bedrooms, and bathrooms, along with services like housekeeping and maintenance.
Service Accommodation Management Company
A serviced accommodation management company specialises in managing and overseeing serviced accommodation properties on behalf of property owners.
These companies take on the responsibility of ensuring the smooth operation, maintenance, marketing, and overall management of serviced accommodation units, allowing property owners to maximise their returns without having to handle the day-to-day tasks themselves.
Role of Service Accommodation Management Company
The role of a serviced accommodation management company can vary depending on the specific services they offer and the needs of the property owner.
However, the primary objective is to optimise the performance and profitability of the serviced accommodation under their management. Some of the key responsibilities of a serviced accommodation management company include:
1. Property Operations
The management company handles all aspects of property operations, including cleaning, maintenance, repairs, and regular inspections to ensure the property is well-maintained and in good condition.
2. Guest Services
The management company is responsible for providing excellent guest services, including managing guest inquiries, handling check-ins and check-outs, and addressing any guest concerns or issues during their stay.
3. Marketing and Distribution
Serviced accommodation management companies employ various marketing strategies to promote the properties and attract bookings. They manage property listings on multiple platforms, optimise pricing, and handle reservations to maximise occupancy and revenue.
4. Revenue Management
These companies implement revenue management strategies to optimise pricing based on market demand, seasonality, and other factors. They analyse market trends, monitor competitor rates, and adjust pricing dynamically to maximise revenue and occupancy rates.
5. Regulatory Compliance
Management companies ensure that the serviced accommodation properties comply with local regulations, licensing requirements, safety standards, and tax obligations. They stay updated on any changes in regulations and ensure the properties operate within the legal framework.
6. Financial Management
Serviced accommodation management companies handle financial aspects such as collecting rental payments, managing expenses, providing regular financial reports to property owners, and ensuring timely payment of any applicable fees or taxes.
UKPA’s Contribution to Serviced Accommodation Management
We, at UK Property Accountants, have inhouse Property Management Service for the management and optimisation of serviced accommodation properties in the United Kingdom.
With our expertise and support, property owners can enhance guest experience, maximise property performance, and deliver outstanding results.
Here are some of the quality serviced accommodation services that we offer:
1. Comprehensive Management Solutions
Our full management service covers all aspects of property management, including lettings, rent collection, repairs and maintenance, referencing, deposit registration, safety certificates, tenant renewals, and optional rent guarantee insurance. We take care of everything, so you can enjoy a hassle-free experience.
2. Efficient HMO Management
Managing House in Multiple Occupation (HMO) properties can be complex. With our specialised HMO management service, you can rest assured that your property will comply with all applicable requirements. We handle the unique challenges of HMO properties, ensuring they are well-maintained and compliant.
3. Flexible Let Only Service
If you prefer to take charge of your own property, our let only service is perfect for you. We'll find the ideal tenant for your property, and then you can take over the management responsibilities from there. It gives you the freedom to handle the day-to-day operations while benefiting from our tenant finding expertise.
4. Professional Holiday Let Management
For owners of holiday let properties, exceptional service is essential. Our holiday let management service takes care of everything, from listing your property on top short-stay portals to ensuring it is well-equipped for guests. We handle inquiries, manage bookings, and coordinate smooth changeovers, allowing you to maximise your rental income.
5. Rent Guarantee Insurance
To safeguard your rental income, we offer Rent Guarantee Insurance. If your tenants are unable to pay their rent, this insurance provides you with financial protection. It gives you peace of mind knowing that you are covered even in challenging circumstances.
6. Additional Home Services
Beyond property management, we offer a range of additional services upon inquiry. From cleaning and property maintenance to decorating and more, we can cater to your specific needs. Contact us for more information and pricing details.
7. Comprehensive Inventories
To protect your belongings from loss or damage, we provide detailed and professional inventory reports. Our reports accurately document the condition and contents of your property, ensuring that your assets are well-documented and protected.
8. Effortless Compliance Management
We take care of all compliance requirements, including Gas Safety Certificates, Electric Installation Condition Reports (EICR), and Energy Performance Certificates (EPC). Our team manages all aspects of compliance to ensure that your property meets regulatory standards.
Types of Serviced Accommodation
We’ve handled various types of serviced accommodations, offering comprehensive management services to property owners. Here are some common types of serviced accommodations that are effectively managed by us:
1. Rent to Rent Serviced Accommodation
Rent-to-rent serviced accommodations refer to properties that are leased from the property owner with the purpose of subletting them to guests on a short-term basis. We can assist with rent-to-rent serviced accommodations by sourcing suitable properties, negotiating lease agreements with property owners, managing marketing and bookings, and offering financial management expertise.
Airbnb is a popular online platform with unique accommodations offered by hosts worldwide. We can assist property owners with all aspects of managing their properties on Airbnb, including optimisation, pricing strategies, guest communication, check-ins/check-outs, housekeeping, maintenance, and regulatory compliance.
If you want to gather more information about main provisional charges that could be applicable to you, please refer to our "Tax on Airbnb Income".
3. Serviced Apartments
Serviced apartments are fully furnished apartments that offer hotel-like facilities and services. We take care of all aspects of managing serviced apartments, including guest services, housekeeping, maintenance, and marketing to maximise occupancy and guest satisfaction.
4. Vacation Rentals
Vacation rentals are properties that are rented out on a short-term basis to travellers or tourists. We manage vacation rentals by handling bookings, guest inquiries, check-ins, and check-outs, ensuring a seamless experience for both guests and property owners.
5. Holiday Homes
Holiday homes are properties that are specifically designed and furnished for holiday rentals. We provide end-to-end management services for holiday homes, including marketing, guest communication, property maintenance, and ensuring compliance with local regulations.
UKPA’s Support Beyond Property Management
We at, UK Property Accountants go beyond property management and extend our support to serviced accommodation owners in accounts preparation, tax return filing, and tax advice.
Recognising the complex financial aspects of managing serviced accommodation properties, we have a dedicated team of professionals who can provide you with invaluable assistance in navigating the accounting and taxation requirements associated with this sector.
1. Preparation of Accounts
We specialise in preparing accurate and well-organised financial records for serviced accommodation owners.
Our experienced accountants work closely with property owners to gather all relevant financial information, including rental income, expenses, and other transactions. We compile and analyse this data to create comprehensive accounts that adhere to accounting standards and regulations.
2. Tax Return Filing
Our expertise extends to tax return filing for serviced accommodation owners. Whether it is the submission of self-assessment tax returns or the completion of other relevant tax forms, we ensure timely and accurate submission.
By staying updated with tax regulations, we help property owners optimise their tax position while ensuring compliance with the law.
3. Tax Advice
Our tax experts provide valuable advice to serviced accommodation owners. With our extensive knowledge of the property sector, we offer guidance on topics such as allowable expenses, capital allowances, VAT implications, and tax changes affecting the industry.
By keeping property owners informed and offering tailored tax advice, we empower them to make informed financial decisions and optimise their tax efficiencies.
4. Tax Planning
We recognise the importance of tax planning for serviced accommodation owners. We collaborate closely with property owners to create effective tax strategies aligned with their goals.
This includes ownership structuring, utilising tax reliefs, and implementing tax-efficient investment strategies. Our tailored solutions aim to minimise tax liabilities and maximise financial returns for property owners.
Understanding the VAT Implications for Serviced Accommodation Providers
The interaction of Serviced Accommodation with VAT significantly impacts businesses offering short-term lodging services. Serviced Accommodation, which includes fully furnished properties and apartments, often faces uncertainty regarding its VAT treatment.
However, a noteworthy development in this area is the applicability of the Tour Operators Margin Scheme (TOMS) for Serviced Accommodation providers. Originally designed for holiday companies, TOMS now extends its benefits to serviced apartment operators in the UK.
The recent tribunal judgment on Sonder Europe Limited Case which gave the property let out business as Serviced Accommodation a sigh of relief.
To be eligible for TOMS, the accommodation service purchased from suppliers must be identical or nearly identical. By falling under TOMS, Serviced Accommodation businesses can enjoy VAT simplification, financial assistance, and ease of tax compliance, making it a valuable tool for these providers in the ever-changing VAT landscape.
With our professional expertise, industry knowledge, and dedicated team, property owners can rely on us to handle the operational, administrative, and customer service aspects of their service accommodation properties.
By entrusting these responsibilities to UKPA, property owners can focus on growing their businesses with confidence, knowing that their accounting and tax obligations are in capable hands. Our comprehensive support empowers property owners to effectively manage their finances, stay compliant, and drive their businesses towards success.
For a comprehensive and professional property management service that truly caters to your needs, visit our Property Management page. Discover how we can assist you and help you succeed on your property investment journey.