 The Open will attract millions into the Ayrshire economy |
Ayrshire residents who intend to rent out their homes during the Open Golf Championships in Troon have been warned to beware of tax rules. One of the country's leading accountancy firms said the Inland Revenue is well aware of the huge amounts of money which people can make.
Rental prices can range from �85,000 per week for an entire property to �500 per week for a single room.
Accountants BDO Stoy Hayward warned residents to take proper advice.
Professional advice
Many homeowners in the area of Royal Troon, where this year's championship is due to be held in July, have been planning to get their share of the �35m pumped into the Ayrshire economy during the event.
Ayrshire and Arran Tourist Board called on property owners to seek advice from both the tourist board and financial professionals.
The board is expecting to hand out about 100 temporary B&B memberships to local residents in order for the accommodation to be quality checked and marketed through VisitScotland to visitors from around the world.
Other homeowners wishing to turn their home into a B&B or a self-catering property independently are advised to seek professional advice as early as possible.
Accountant John Collins of BDO Stoy Hayward said: "Whilst it would be nice to forget about the taxman, unfortunately he will not be concentrating on the golf but taking an interest in all the extra income being generated at that time."
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