Furnished Holiday Lets
Furnished Holiday Lets are not an investment as far as HMRC are concerned, these are classed as a business.
So you can claim different things
You can still claim Wear & Tear allowance on furnished lets
Interest on purchase loans
Capital allowances on furniture & fixings on property as well as outside (eg vans/tools)
Business expenses – eg stationery / phone / insurance etc
. You may also be able to claim an allowance for travelling to the property, so make sure you keep a record of any visits you make.
There are reliefs available
However with Furnished Holiday Lets you have certain restrictions eg the number of days offered & the number of days actually let per year.
Having the help from an accountant to complete your business supplement in the tax return can save you a lot of money with the experience and knowledge, especially with changing rules every year.
If you know someone in this position please do give us a call.
Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice.