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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 Lets Tax Advice

Our Services

For furnished holiday lets tax advice, we have a specialist team to guide and advise you through all stages of operating your holiday letting business.

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.

white chair with side table

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

accounting for holiday lets

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

To take advantage of all the furnished holiday let tax reliefs, it is essential to use the services of a qualified and experienced accountant. The right accountant will help you comply with tax regulations that are coming under increasing scrutiny from the authorities.

Get in contact with Maynard Johns today where we will take care of the finances so you can focus on your business.

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

Telephone 01237 472071

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