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Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the 2024 Spring Budget, it was announced that the favorable tax regime for FHLs would be abolished from 6 April 2025. However, the legislation has yet to be enacted, and it remains unclear if it will see the light of day. Landlords of
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HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the taxpayer suffering additional tax, interest and penalties. Here are some common capital gains tax errors, and how to avoid them. Using the correct annual exempt amount When calculating how much
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Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes to capital gains tax as landlords disposing of an FHL are able to benefit from a range of reliefs, including business asset rollover relief, business asset disposal relief and gift-holdover
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