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Furnished Holiday Lets

Our Services

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

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