British Destinations’ Post

BILLION-POUND TAX BOMBSHELL TO HIT HOSPITALITY, WARNS TRADE BODY The end of business rates relief will sting hospitality with a £928 million bill in April unless the government acts in the Budget, warns UKHospitality. Hospitality and leisure businesses face their bills quadrupling if business rates relief ends as planned on 31 March, it adds. The trade body is calling for the Chancellor to introduce a new lower, permanent and universal rate for hospitality's business rates at the Budget on 30 October. It says the current business rates system unfairly penalises hospitality, with the sector paying three times more than it should do. UKHospitality wants to see a lower, permanent and universal rate, or 'multiplier', for hospitality businesses. Kate Nicholls, Chief Executive of UKHospitality, said: 'Hospitality businesses are facing a devastating cliff-edge next April, when many will see their bills quadruple. 'The scale of this almost billion-pound tax bombshell is just not viable. Many will face risk of closure, be forced to let people go to stay afloat, or shelve their investment plans. 'There has to be a solution that avoids this cliff edge, and a lower, permanent and universal multiplier for hospitality would deliver that. 'Not only would it give certainty and stability to businesses, but it would allow the government to begin delivering on its own manifesto commitment. 'At the Budget, the Chancellor can choose to act and take the brakes off the sector's growth by avoiding this cliff-edge. I hope she does just that because inaction could be fatal.' For more up to minute business news visit our News page: https://buff.ly/3zLuduW #tax #hospitality #TaxNews #AutumnBudget #accountants #SupportingSmallBusinesses #GrantJones

Tax changes for Furnished Holiday Let Owners Holiday lets have been part of the UK hospitality industry for decades. Qualifying Furnished Holiday Lets (FHLs) have, since 1982, had their own special tax rules. This was due to the fact that there are different tax rules between property investment and trading businesses. To avoid the grey areas in the legislation, Furnished Holiday Let rules were introduced. From April 2025, this tax legislation will be abolished. It is important to note, that the many FHL owners will NOT see any changes to their tax bills when the rules change. There will, of course, be owners that will pay more tax, but it should always be kept in mind that paying tax is a result of successful business! To find out whether you'll be effected, get in touch today to request your free eBook that covers: - Restrictions on relief for finance costs Capital Allowances Capital Gains Tax Allocation of profits Pension contributions Business rates VAT Inheritance Tax Limited Companies and LLPs Trading status

Important Update: FHL Tax Changes from April 2025! Are you the Landlord of a short-term holiday let? This includes properties rented via Airbnb. Furnished Holiday Let (FHL) tax regime will be changing from April 2025. It is worth remembering that Airbnb (and other organisations) are already required to provide HMRC with details of bookings through their system – so HMRC will know! What does this mean for you? • Your short-term holiday let, will lose the tax benefits over standard rental properties. • Your FHL income and gains will be treated for tax like other property income from April 2025. This includes Income Tax, Corporation Tax and CGT (Capital Gains Tax). What is classed as an FHL? • A property available for short-term let for 210 days/year, and let for 105 days/year. • Not used as long-term let for significant periods. Need help navigating these changes? Call us on – 01509 816150 or visit https://buff.ly/3kagk1N #FHL #FHLtaxchanges #airbnb #propertylet #holidaylets

As we look ahead to 2025, significant changes are on the horizon for taxpayers investing in Furnished Holiday Lets. The current tax regime is set to become a thing of the past, impacting operators of traditional holiday cottages and Airbnb hosts. Find out more in the latest blog from my colleague Graeme Hills, Head of Tax at Duncan & Toplis -https://okt.to/KEWeVp #WeAreDuncanToplis #FurnishedHolidayLets

Hear from Associate Consultant Thomas Fraser in our latest article who discusses claiming Capital Allowances for Furnished Holiday Lets. This article helps holiday let owners understand the potential tax savings that may be available to them including, the qualifying criteria, the claiming process, the information required to complete the claim, and recent developments to the scheme. Read the article here: https://lnkd.in/gmkEV5jn

Trouble in Holiday Home Tax Land 🏡 The UK government has announced plans to abolish the Furnished Holiday Lettings (FHL) tax regime by April 2025, but the details are scarce: • Vague announcement with no draft legislation or transitional measures • Mystery around the "anti-forestalling rule" that will kick in next year • No formal consultation, leaving stakeholders in the dark • Uncertainty around capital gains tax relief and other tax impacts This is a big deal for many, especially in areas where holiday rentals are an economic lifeline. Farmers, tourism businesses, and investors now face an unclear future. The government claims simplification is the goal, but scrapping the FHL rules without clarity is anything but simple. Taxpayers deserve better from their government. Here's hoping for some much-needed transparency and a sensible transition plan before it's too late. 🤞 #FurnishedHolidayLettings #TaxReform #PropertyInvesting #UKGovernment

As we look ahead to 2025, significant changes are on the horizon for taxpayers investing in Furnished Holiday Lets. The current tax regime is set to become a thing of the past, impacting operators of traditional holiday cottages and Airbnb hosts. Find out more in the latest blog from my colleague Graeme Hills, Head of Tax at Duncan & Toplis -https://okt.to/uJCZ7q #WeAreDuncanToplis #FurnishedHolidayLets

HMRC issues further guidance on FHL abolition Read the full article:- https://lnkd.in/eHjXnsem The furnished holiday lettings (FHL) regime will soon be abolished, and HMRC has published clarification on how the policy will work. What are the key points? Manchester Accountants - HMRC issues further guidance on FHL abolition - Dunhams News Blogs The FHL regime will be abolished from 6 April 2025. In response to common issues raised during the consultation process, HMRC has published further guidance to clarify some of the tax implications. It is now confirmed that post 6 April 2025: If would like more help with Personal Tax’s see our Personal Tax Page.   - VAT at the standard rate continues to apply to holiday accommodation   - revenue expenses for consumables such as toiletries and cleaning products can continue to be claimed   - writing down allowances/balancing charges or allowances can continue to be claimed on qualifying expenditure incurred prior to 6 April 2025; and   - businesses commencing in 2024/25 may need to meet the occupancy conditions beyond 6 April 2025 to qualify for the FHL regime, but the FHL status will only apply to the 2024/25 tax year. If you would like any assistance with any of these points. Please Call Us on 0161 872 8671

Here we go…. So along with the second council taxation, the additional fire risk guidance, the planning permission Gove announced, potential registers and licenses, we now have this…. We already saw how many long term rentals disappeared when the section 24 took away mortgage interest from tax allowance, if they remove FHL allowance more properties will just be listed for sale and investors will just move money elsewhere… #holidayhomes #cornwall #property #FHL

The furnished holiday lettings tax regime will be abolished from 6 April 2025, which means that short-term holiday lets and long-term lets in the private rented sector would be treated the same for income tax, corporation tax and capital gains tax (CGT) purposes. In this blog, CLA Chief Tax Adviser Louise Speke sets out what this change means and how the CLA is working to mitigate the impact the abolition of this tax will have on members. Read more 👉 https://bit.ly/3B97lIL #ruraleconomy #holidaylets