CHARTERED
ACCOUNTANTS FOR FURNISHED HOLIDAYS LET OWNERS
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. 

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