As the tourism sectors across the globe are trying to unravel the mystery of COVID-19, Short term rental businesses have been hit hard in Italy.
This has majorly been influenced by the major regulations that have been put in place to try and curb the spread of the virus.
Travel bans, flight cancellation, and lockdowns are among the restrictions that have seen holiday rental homeowners struggle to earn their usual income in Italy.
Even as the world tries to comprehend the impact of COVID-19 on the economy, this article can help you with a few tips on how you can run your Airbnb in Italy.
Airbnb is a dealing to the guests who are on a holiday away from home. This translates to a short-term rental home that has a contract lasting for like a month or even less.
The contract is seen as a great relief to the visitors as well as the host since there are no complicated regulations involved.
The good thing is that you are not required to go through the process of registration with the tax agencies which could be very costly at times.
As you run your Airbnb in Italy as a host, there are several things that you need to give a priority to for you to succeed. The following are the major duties that you must oversee.
For starters, there are those basic services that the guests will require during their stay. You then have to ensure that you have provided the basic services to them.
For proper identification and understanding of the set regulations, it is advisable to ensure that your guests have signed the contract for accommodation. This lets you know who you are hosting and for how long you are going to have them around.
It is your duty as the host to make an official communication to the Questura about the identity of your guest(s). The communication should, therefore, be made within 24 hours to avoid any inconveniences.
As proof of the existence of a contract between you and your guest(s), it is important to issue an official receipt to the guests.
Cleanliness is vital and it is part of your duty to ensure that your guests stay in a clean environment in the short time they are going to be around.
Running your Airbnb online is an advantage to you since it relieves you from the hustle of dealing with the tax agencies.
With tough economic times hitting the world due to the existence of COVID-19, it will be prudent if you can conduct other income-generating activities when you are running your Airbnb in Italy. Now that only Italians travel locally, running other profit generating projects is one of the wisest things to do.
That being the case, it is therefore, better to operate your Airbnb as a business since this allows you to offer other services to your guests besides just accommodation.
Imagine being able to provide other essential services to already existing customers (your guests) that help you earn more income. Well, this is what you enjoy if you run your Airbnb as a normal business.
Another advantage of running your Airbnb as a business is that you become eligible for acquiring loans as well as public grants. As a business-oriented person, being able to access such facilities, you are in a better position to acquire property including the one you are running your business on.
Run your Airbnb Italy as a business in to accumulate more profit hence making it possible for you to cover various costs as well as pay taxes. This puts you on the safe side as far as the law is concerned.
Filing an annual tax return is not an option when you are running Airbnb in Italy. It is prudent that you disclose your source of income to the tax department by filling your annual tax return even when you don’t own that property.
Conclusion: Is running your Airbnb in Italy still doable?
In conclusion, running Airbnb in Italy is not different from any other business only that the rental contract lasts for at most 30 days from the time a guest checks in.
That being the case, profits and losses should be expected just like in any other business. What is important is for you to put in place measures that will help you overcome hard times that bring about loss.