Ridgefield Consulting's Accounting Advice
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Ridgefield Consulting's Accounting Advice
Tax On Furnished Holiday Lets
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Ridgefield Consulting
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In this episode Poppy talks about the different taxes that are charged on furnished-holiday-lets compared to buy-to-let properties. Find out which type of investment would be better for you based on tax treatment alone.
Access the full article which is regularly updated:
https://www.ridgefieldconsulting.co.uk/tax-guides/a-guide-to-tax-on-furnished-holiday-lets/
For more content like this, visit the 'Tax Guides' page on our website: https://www.ridgefieldconsulting.co.uk/tax-guides/
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What is a furnished holiday let?
How are furnished holiday lets different to buy-to-let properties?
What qualifies as a furnished holiday let?
What is a furnished holiday let election?
How to save tax on furnished holiday lets
Claim for initial expenditure
Being able to offset your mortgage interest payments against your rental income
Claim capital allowances for your FHL
Claim operating costs as allowable expenses to save tax on your FHL
Apply business rates instead of council tax to your FHL
Profits made from FHLs count as relevant UK earnings for pension contributions
No National Insurance (NI) contributions need to be made on earnings from FHLs
Choose how to split earnings with your spouse
Benefit from Capital Gains Tax (CGT) relief if you’re disposing of your FHL
How to pay tax on income from furnished holiday lets