With 7 months to go before Furnished Holiday Lets (FHL) are taxed the same as all other property rents (ASTs), what should you as an owner of a Furnished Holiday Let do before 6 April 2025? If anything?
If the polls are right, there’ll be a change in majority government on 4 July. If so, there’ll likely be a Budget later in July, which due to the stretched public finances and Labour ambitions, is expected to increase taxes for some. [EDIT: Labour has confirmed there won't be an emergency Budget in July].
What actions might you take before 4 July to help ensure you’re not caught out by these changes?
1681 Hits
With the tax year ending 5 April 2024 fast approaching, please do check what tax planning action you might take:
1936 Hits
Tax changes effective this April 2023...
With important tax changes taking place this April, see what action you might take:
Frozen Allowances
Inflation is a gift for the Chancellor when so many tax allowances have been reduced or frozen. As wages increase with inflation, more and more people will get caught by a 40%, 60% or 45% tax rate and many will have to repay child benefit when they didn’t before.
In this environment, the real tax cost of earnings and profits will increase as time goes on. For example, if you’re planning to refurbish your buy-to-let you might save more real income tax by delaying the refurbishment.
4149 Hits