ACCOUNTANTS FOR FURNISHED HOLIDAYS LET OWNERS
Our tax consultant and accountants for furnished holiday lets FHL provide all accounting services in London
Are you looking for Accountants or tax advisors for Furnished Holiday Let owners in London?
Our dedicated and professional team of accountants provides all-inclusive bookkeeping and accountancy services to ensure you remain compliant with your taxes. We use an award-winning and best software in the market, which will meet the MTD (make tax digital) requirements.
Our tax consultants provide one-to-one tailored advice to deal with taxes on furnished holiday lets income. We will prepare your accounts and tax returns most tax-efficiently while following the HMRC guidelines.
What are the furnished holiday lets?
Furnished holiday lets are the specific qualified properties meeting certain criteria. Their income is considered as commercial income, giving them tax advantages.
The qualifying criteria for a furnished holiday accommodation is;
1) Property must be furnished, let on a commercial basis and situated in UK or EEA.
2) Property is available to the general public as holiday accommodation for not less than 210 days per year.
3) Property is actually let for at least 105 days a year, excluding periods of long-term occupations.
4) Property usually is not let for more than 31 consecutive days to the same individual.
Normally, a cash basis is used to calculate furnished holiday income unless gross rental income exceeds £150k.
What are the advantages of furnished holiday lets?
If you have furnished holiday let accommodation, you can take tax advantage;
1) Profit is treated as earned income, meaning you can take advantage of pension relief.
2) Finance costs and mortgage interests are allowable expenses.
3) Plant and machinery are deductible, including furniture and furnishings.
4) Property is considered to be a business asset, which means you can take advantage of business asset disposal relief, rollover relief and gift holdover relief.
In order to understand the above tax implications and apply them correctly to take maximum benefit, our experienced tax advisors can take over accounting and submit the tax returns for you while you concentrate on expanding your business.
Company Formation and Startup
Choosing the right legal structure and registering the company can be tricky.
Our professional accountants can advise you and form a limited company for you. Please click here for our detailed services.
Accurate calculations and tax planning for Payroll services can bring a significant positive impact on your business cash flow. Our team of professional accountants proudly provide excellent payroll services and free up your time of extensive reporting to HMRC.
Accounting and Bookkeeping
Depending on the size and nature of the business, our experts recommend the right software to you.
We usually use Quick books, Xero and Freeagent as our bookkeeping software(cloud-based system).
Our qualified specialist tax advisors provide their advice and services considering personal and individual circumstances when it comes to self-assessment.
We support our clients by minimizing their tax liability wherever possible in personal tax return calculation.
We offer to produce management accounts on a monthly or quarterly basis. Which means you will get to review your key performance indicators KPIs more regularly. Your dedicated account manager will also be able to talk you through the numbers.
Registered Office Address
This is a legal requirement for all companies to make their registered address publicly available.
Companies regularly receive their most important correspondence such as companies house letters, HMRC notifications and letters etc.
We specialize in providing VAT (Value Added Tax) services for small to medium-size businesses through Making Tax Digital (MTD) compliance. Our qualified team of accountants help businesses submitting their VAT returns under the standard rate, flat rate, MOSS, Marginal and other schemes.
Tax investigation letter may seem very straight forward in the first instance from HMRC, but it can bring further complications and surprises if not adequately handled. Our Tax investigation experts will provide you with specialist advice and take all the burden of dealing with HMRC inspectors.
What do our customer say about us
Why choose us
Our professional qualified team is registered with Institute of Chartered Accountants in England and Wales , Association of Taxation Technicians and Association of chartered Certified Accountants .
No two businesses are alike; therefore, we ensure that we tailor and customise our approach to suite your business accounting and tax advisory requirements.
You need a dedicated accountants to answer any accounting or tax related questions or even tax planning questions to avoid any costly mistakes.
Our team of professional accountants will be there for you via phone or emails.
We are partnered with famous accounting softwares QBs and Xero and others. this means more transparency and accuracy in accounts.
Unlike many other accounting firms, we offer fixed term prices to our clients in line with their accounting needs.
You will be provided full access to your accounts on completion of work. Our friendly team of accountants will always be available to answer your queries.
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