The furnished holiday lettings (FHL) tax regime will be abolished next month and to help UK owners prepare for this major change, we've invited Matt Jeffery from Zeal Tax back on the podcast.
Matt explains the changes in detail and outlines the fact that every holiday let owner in the UK needs to claim their capital allowances. This is tax relief that a whopping 80% of owners have failed to claim – primarily because general accountants are not equipped to assess it.
Download a free e-book about the upcoming tax changes: https://www.holidaycottagehandbook.com/zeal
Book a free consultation with Zeal Tax to find out how much you could save: https://calendly.com/hch-zeal
This episode is sponsored by Sykes Holiday Cottages: https://www.sykescottages.co.uk/letyourcottage/
0:00 Episode starts
2:15 Overview of tax changes
3:58 Interest on finance costs will be restricted to basic rate of income tax
5:23 No capital allowances can be claimed for qualifying expenditure
11:57 Capital gains tax relief will no longer be available
15:23 Income from FHLs will no longer count as relevant UK earnings in relation to pension contributions
17:45 The questions Matt is being asked every day, including whether to own in your personal name or through a limited company
20:42 In the last three months, Zeal has identified £21 million in capital allowances tax savings
25:08 The process for claiming capital allowances
27:43 Don’t panic!
Register for Your Air Success (free event for holiday let owners, hosts, and industry professionals on Friday 4 April in London): https://www.holidaycottagehandbook.com/yourairsuccess
Holiday Cottage Handbook: https://www.holidaycottagehandbook.com/
Zeal Tax: https://gozeal.co.uk/services/industries/hch-furnished-holiday-lets/
James Varley: https://www.linkedin.com/in/jdsvarley/
Matt Jeffery: https://www.linkedin.com/in/matt-jeffery-156a8245/
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