Tag: Furnished Holiday Let
Understanding the Latest Budget Update for Furnished Holiday Let Owners
The recent budget update has introduced significant changes that will impact owners of Furnished Holiday Lets (FHLs). Here’s a breakdown of the key points: Changes in Interest Deduction Currently, interest incurred on loans for the purpose of a FHL business is treated as a deduction from rental income when calculating taxable profits. However, from 6…
Getting the right mortgage for your holiday let
With the rising popularity of ‘staycations’, purchasing a holiday let property can provide a great income stream – and where better than sunny Sussex?! But getting the right holiday let mortgage requires some key considerations. Firstly, remember that a holiday let mortgage is not the same as a buy-to-let. Lenders will want evidence that the…
Tax Relief for Furnished Holiday Lets
While it is well-known that ‘capital allowances’ tax relief is available on hotels or bed & breakfasts, self-contained Furnished Holiday Lets (‘FHLs’) also have access to tax relief under the correct conditions. With an estimated capital allowances claim on an FHL in the region of 25% of the purchase expenditure, there could be substantial tax…