Graeme Davidson CA, Partner – EQ Accountants LLP

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Presentation transcript:

Graeme Davidson CA, Partner – EQ Accountants LLP @eqaccountants.co.uk

Tax changes for holiday rental businesses What is “Furnished Holiday Accommodation”? Income Tax Capital Gains Tax Inheritance Tax Other taxes

What is “Furnished Holiday Accommodation”? In EEA [UK + EU + EFTA (excl Switzerland)] Let commercially, with a view to making a profit Furnished Occupation tests

What is “Furnished Holiday Accommodation”? Occupation tests (annual): Available for letting 210 days Actually let 105 days No more than 155 days of long term occupation If more than one property let, averaging can be used

Income Tax Relevant earnings for pension contribution purposes Full mortgage/interest relief against rental income Capital allowances on furniture and brown/white goods

Capital Gains Tax Entrepreneurs’ relief Rollover relief on replacing business assets Holdover relief for gifts

Inheritance Tax HMRC have raised the bar Demonstrate that it is a business and not an investment Owner involvement High level of service

Other taxes LBTT and ADS 3% VAT registration threshold - £83,000 Business rates

Thank you Visit our stand www.eqaccountants.co.uk @eqaccountants