Furnished Holiday Lettings Accountants

Furnished Holiday Lettings

Fusion Accountants specialises in helping Landlords that let out or want to let out properties under the Furnished Holiday Lettings scheme and benefit from tax advantages from it.

What is a Furnished Holiday Letting?

To qualify as a Furnished Holiday letting property number of conditions must be met such as:

  • Availability condition
    The property must be available for commercial lettings as holiday accommodation to the public for at least 210 days of the tax year.

     

  • Availability condition
    The property must be available for commercial lettings as holiday accommodation to the public for at least 210 days of the tax year.

     

  • Letting Condition

  • Out of the 210 years, the property must be let out for at least 105 days as holiday accommodation. Note that this test can also be met by making an
    election to average period of occupation of any or all of the furnished holiday lettings owned by the tax payer.

  • Must be situated in the UK or in the European Economic Area (EEA)
  • Be furnished – sufficient furniture for normal occupation

Benefits

There are mainly two advantages of Furnished Holiday lettings:

  • Claim Capital Gain Tax reliefs for businesses such as:
    • Business Asset Rollover Relief
    • Entrepreneurs Relief
    • Relief for gifts of business assets
  • Capital allowances on Plant and Machinery
  • Earnings are counted for pensions purposes

How we help?

Fusion Accountants provides a fully comprehensive service to its clients with Furnished Holiday letting businesses from initial review, eligibility criteria to tax planning and calculation of tax (including submissions).

You can expect:

  • Dedicated Accountants to help with assessment and planning
  • Monthly / Yearly accounts
  • Tax Planning and Advice
  • Personal Tax Returns

More information

Further information on this can be found on Government website link below.

Furnished Holiday Lettings Help Sheet

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