Do you own Furnished Holiday Lettings?… DON’T MISS OUT!
In their Spring Budget, the conservative government announced plans to abolish the FHL’s tax regime from April 2025.
However, there is still time for FHL owners to prepare and submit capital allowances (‘CA’) claims to reduce their tax liabilities on current and historic qualifying expenditure.
If you think you have a qualifying FHL and you have not yet claimed CA’s then please contact us to discuss what you are entitled to claim.
Furnished Holiday Lettings for claiming Capital Allowances – Important dates
Individuals:
• Tax year 2022/23 claim by 31.01.25
• Tax year 2023/24 claim by 31.01.26
• Tax year 2024/25 claim by 31.01.27
The KEY date for CLAIMS is 31 January
Companies:
• Year end 31.03.22 claim by 31.03.24
• Year end 31.03.23 claim by 31.03.25
• Year end 31.03.24 claim by 31.03.26
• Year end 31.03.25 claim by 31.03.27
In summary, valuable FHL tax relief is being withdrawn for companies from 01.04.25 and individuals 06.04.25. There are still opportunities to plan for losses generated that can be carried forward if not used by those dates. Claims can be carried back up to 2 years.
It is important you act so the deadline for claiming this valuable tax is not missed!
