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In the 2024 budget, the Government has announced the furnished holiday lets tax regime will be abolished from April 2025

Several announcements in this budget will affect property owners. Please take a moment to read our article on the furnished holiday lets tax regime being abolished to see if these affect you and contact us if you need advice.

Furnished Holiday Let Advisory Service

Are you considering buying property for the first time as a furnished holiday let? Would you like to chat through your specific scenarios with an expert? You’re in exactly the right place!

There is a lot to consider before purchasing a furnished holiday home and you need to be aware of the costs involved, taxes and future financial implications. Maynard Johns now offers an advisory service to help you make the right decisions.

Let us help you

Our Furnished Holiday Let (FHL) advisory service is available to all, whether you are buying your property in North Devon or further afield.

At Maynard Johns, we have a specialist team who has expert knowledge in all areas of buying and running a FHL and who offer a simple one-off advisory.

This service provides you with all the information you need to assess the financial implications of owning a FHL so you can make an informed decision on whether to go ahead with the purchase or not and how to structure the ownership.

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Furnished holiday let

Having been advising the holiday home industry for over 30 years, we have extensive experience in all aspects of purchasing a furnished holiday let. Whether you are looking to make your first purchase or are adding to your holiday home portfolio we are able to assist you.

We have helped many holiday homeowners over the years who have told us our help has been invaluable.

As we are Chartered Accountants we will look at the best strategy for your purchase and the best tax solutions to reach your goals.

We will hold a secure Zoom call with you to discuss your individual circumstances and go through all your questions and provide you with essential advice so you don’t make an expensive mistake.

Common Furnished Holiday Let questions we will discuss

Should I trade as a limited company?

There are tax implications relating to whether you should trade as a limited company or not, both immediate and long-term. We can advise on what is best for you depending on your personal circumstances.

Whose name should it be in?

There are considerations to take as to whether a property should be purchased in one name or with jointly with another party. We will help you make the right decision.

What do I have to do to make it qualify as a Furnished Holiday Let?

There are special tax rules for rental income from properties that qualify as furnished holiday lettings (FHLs). We will discuss these tax rules with you so you can make an informed decision.

What happens if it doesn’t qualify?

We will discuss the tax implications and what to do if your property does not qualify as a Furnished Holiday Let and how this may affect the tax you pay

It’s already in 2 names but my partner is a 40% taxpayer, and I am not. What can we do?

We will discuss with you the options when there is joint ownership for tax purposes.

What expenses can I claim?

There are a number of expenses and capital allowances that can be offset against any profits you make on your holiday home, many of which you may not be aware of. We will go through all of these with you.

What about VAT and when do I have to register?

VAT will be payable if your rental income exceeds the VAT threshold. We will discuss you with the best time to register and whether to absorb the cost within your rates or deduct it from your profits.

How is it taxed if I sell it?

Capital Gains Tax (CGT) will be due when you sell your Furnished Holiday Let. We will advise you on your likely liability in the event of a sale and how the underlying ownership affects this.

Is it taxable to Inheritance tax when I die?

We will advise you on the inheritance tax implications of your Furnished Holiday Let when you die taking into consideration other assets that you own.

What about business rates?

We will discuss with you the benefits of being rated for business rates as opposed to council tax and your eligibility for small business rate relief.

In all of the decisions above we will always make sure that we chose the most tax efficient method for your decision.

How much does it cost?

For a one to one consultancy with an expert advisor the cost starts at  just £250 + VAT

Visit us in our Bideford office or give us a call!

Telephone 01237 472071

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