Expensive Furnished Holiday Let (FHL) Tax Return Mistakes You Should Avoid

What are the common Furnished Holiday Let (FHL) tax return mistakes that the accountants and tax advisors of Optimise Accountants see on a regular basis?
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Read our article on Tax benefits of Furnished Holiday Lets (FHL) www.optimiseaccountants.co.uk...
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In this video, you will learn about
- Why are mistake being made on a Furnished Holiday Let (FHL) tax return?
- How much additional tax is paid as a result of mistakes being made on the FHL tax return?
- What should landlords and property investors look out for on their self assessment tax return?
#Tax #HMRC #Property
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[@Simon-Misiewicz-US-UK-Taxes]

Expensive Furnished Holiday Let (FHL) Tax Return Mistakes Made By Taxpayers and Accountants Tax benefits of Furnished Holiday Lets (FHL) www.optimiseaccountants.co.uk/knwbase/tax-benefits-of-furnished-holiday-lets/ Claim Capital Allowances here www.optimiseaccountants.co.uk/services/capital-allowances-property-experts/

[@donaldson1666]

Looking to turn a long term rental into FHL in the new year but will the tax breaks still be available or should I wait until April 2023, as unlikely to meet the occupancy requirement in a year from Jan until 1st April. Many thanks

[@Simon-Misiewicz-US-UK-Taxes]

I would not judge a business model just by tax alone. It has to work with you and for you without any tax considerations. If the business model works then you need to apply an efficient tax methodology

[@markhowells9612]

Just declaring my first year of trading for my FHL. Over 200 days of occupancy. The property was empty when we acquired it - am I correct in thinking I can claim the total cost of the furniture in this first year as Capital Allowances, or do I need to claim a percentage of the cost in this year and subsequent years (after all, furniture does have a residual value after 12 months)?

[@Simon-Misiewicz-US-UK-Taxes]

You can claim the cost of furniture as capital allowances. However, you are missing a bigger tax benefits by getting a surveyor to do a report for the property and claim capital ounces on the whole building.

[@petermelia6343]

Hi, Can I claim the build cost of a holiday let if I were to convert an old barn?

[@Simon-Misiewicz-US-UK-Taxes]

Without a detailed conversation, I would not be able to answer this question

[@petecernan2568]

My FHL mortgage is approximately 2400 a year can I deduct this from my total profits and if so will HMRC want to see any proof etc thanks

[@Simon-Misiewicz-US-UK-Taxes]

You can certainly offset the internet element against your income in full

[@petecernan2568]

@@Simon-Misiewicz-US-UK-Taxes thanks for the reply will I need to send proof of mortgage payments to hmrc

[@Simon-Misiewicz-US-UK-Taxes]

There will be no need to do this.

[@AmoreMemes]

this is too complicated im moving to Dubai.

[@Simon-Misiewicz-US-UK-Taxes]

Living the dream. Wishing you all the best in whatever you do.👍🙏