Furnished Holiday Lets
If you already rent your property on a commercial basis for holiday letting, or are considering doing so, it may qualify as a furnished holiday let. If it meets the conditions set by HM Revenue & Customs there are a number of tax advantages from which you may benefit.
We have a specialist property team that can guide and advise you through all the stages of operating your holiday letting business.
What is a Furnished Holiday Let?
To qualify as a furnished holiday let a property must:
• be located in the UK or European Economic Area (EEA)
• be let on a commercial basis with a view to making a profit
• be furnished
• pass the qualifying tests
We can support you with:
- Determining if your property qualifies as a furnished holiday let
- Calculating relevant occupancy periods for the first and last year of rental
- Applying the period of grace rules in quieter years
- Claiming Capital Allowances in a tax efficient way
- Advice on the best way to structure mortgage finance for tax purposes
- Advising you on ownership where you are a higher rate tax payer
- What you have to tell HM Revenue & Customs and how to complete your tax return
- Advising you on what expenses you can claim
- Reviewing your VAT situation and planning to relieve the burden
- How to calculate the tax due when properties sell and claim the maximum deductions and reliefs
- Planning to utilise Entrepreneurs Relief on sale
- How FHL property ownership affects your position for inheritance tax
Visit us in our Bideford office or give us a call!
Telephone 01237 472071