Wild Scotland’s Post

Draft Legislation for Abolishing the Furnished Holiday Lets (FHLs)Tax Regime Published: https://lnkd.in/epymnXjN Fiona Campbell, CEO of the Association of Scotland’s Self-Caterers, said: “Both the Scottish and UK Governments should be laser focused on a pro-small business, pro-growth agenda to help revitalise our economy. Unfortunately, the abolition of the current Furnished Holiday Lettings (FHLs) tax regime runs contrary to that objective and will damage a key part of our tourist economy which supports jobs and livelihoods in communities across the UK. This is particularly unfortunate news for the sector in Scotland, as self-catering operators continue to be hammered by the costs associated with the Scottish Government’s onerous short-term let licensing and planning regulations and who will also face the introduction of a visitor levy. Scrapping FHL tax regime will make a bad situation much worse. We would encourage all affected stakeholders to engage with HM Treasury’s consultation on FHLs, highlighting the negative impact this will have for small businesses.” PASC UK Clare Winskill Patrick O'Shaughnessy Carl Thomson Ben Edgar-Spier Anna Scott Myah Thomas (Cert DDM) Alistair Handyside MBE Ralph Averbuch Iain Muirhead Marc Crothall MBE The Scottish Tourism Alliance (STA)

Furnish Holiday Let tax regime abolition, short-term holiday let statutory registration (England) and hospitality and retail business rates relief update. More at: https://lnkd.in/ejA3u4uT

Heritage Hotelier? Don't Miss Out on This Tax Benefit!*** Day 5/ 100Days 100Tax saving Tips ❓Owning a swanky hotel near a majestic World Heritage Site? 👍 That's a surefire recipe for success, but did you know there's a tax perk waiting for you too? Section 80-ID can offer a sweet tax deduction on your profits! ✅ Hold on, it's not a complete tax holiday. Think of it as a discount on your tax bill. Section 80-ID lets you deduct a portion of your profits from taxes, but there's a catch (well, two actually). ✅ This offer is for new hotels and convention centres only. Revamping your existing property won't cut it. ✅ The window for new constructions to qualify has closed. So, if you're just breaking ground, this benefit won't apply. ✅ But fret not, heritage hoteliers! If you already have a spanking new property in a designated district, Section 80-ID could still be your tax savior. Here's what you need to know: ✅ Your hotel must be located in a specified district with a World Heritage Site. There are several districts on this list, so check if yours qualifies. ✅ The deduction applies for a specific period after your hotel starts operations. ✅ Think you might be eligible? Dig out those construction permits and get in touch with a tax advisor! They can help you navigate the specifics and see if Section 80-ID can give your bottom line a healthy boost. Comment For more Information. #TaxTips #HospitalityIndustry #WorldHeritageSites #Section80ID #TaxSavingHacks #taxsavvy

When we have people like Liz representing 'a certain demographic', we all get frustrated with Scottish Tourism. When people speak about 'jobs' (but not what kind) and totally ignore the fact were getting more visitors than ever, it's NOT just a case any more of: 'it's our Member's money, we'd like to keep it'. Sadly, the 'I'm all right Jack' mentality doesn't work, in Global Tourism. it's the same here, Tourism in Scotland is booming, many places are ALREADY full up. I've three words, for Liz and the rest of the 'honours' bunch to chew over: The Canary Islands. Tourism in Scotland needs help, not old-fashioned, 20th Century Thinking. When I started working on numerous Scottish Tourist Board projects in the 1980s, you could get away with Tartan Skirts and not spending any money. Scotland was generally crap and nobody wanted to come here. It's not like this, any more. Get modern, Doc. Also, erm...visit Scotland.

Obtaining professional advice on tax, no matter the nature of your business or property, is always a good idea to ensure your financial interests are protected. Here, Fiona shares some useful insights on this key issue for those who operate holiday lettings. #tax #advice #businessadvisors #taxadvice #VAT #lettings #holidaylets #accommodation

Disappointed at ‘tourist tax’ voted through by Scottish Parliament. This will cost jobs at a time when our tourism & hospitality businesses are already under pressure and will heap more costs onto visitors. The tax would undoubtedly lead to increased costs for visitors - for example room charges would need to increase to cover the tax. This could then push many small businesses over the VAT threshold resulting in further administration charges. Government & local councils must now ensure that local businesses have clear opportunity to determine how this additional tax revenue will be allocated & spent to directly support industry growth. https://lnkd.in/e6vbDTiz Scottish Chambers of Commerce Federation of Small Businesses (FSB) Scotland UKHospitality Association of Scotland's Self-Caterers The Scottish Tourism Alliance (STA) Scottish Property Federation The Scottish Hospitality Group

ASSC Expresses Disappointment Over UK Government Abolition of FHL Tax Regime Fiona Campbell, CEO of the Association of Scotland’s Self-Caterers, said: “The abolition of the Furnished Holiday Lettings (FHL) tax regime by the UK Government is the last thing the beleaguered and hard-pressed Scottish self-catering sector needs at the present time. “In recent years, our sector has been hit by the Scottish Government’s onerous and burdensome short-term let licensing and planning regulations so the UK Chancellor’s Budget announcement on FHL spells yet more dispiriting news for a crucial component part of the Scottish tourism industry. “Self-catering businesses should not be seen merely as a quick revenue source by the UK Government, but instead as a vital, valued and integral part of our vibrant tourist market. The sector provides huge economic benefits for local economies and local communities and must be supported by government rather than being used as a convenient scapegoat for wider failures in housing policy. “The ASSC maintains that the UK Government would be much better placed easing the regulatory burden on long-term tenancies as opposed to penalising the holiday let sector. Rather than scapegoating and gaslighting, policymakers need to take a proactive and holistic approach to housing challenges, not simplistic interventions which will simply hit small businesses for no material benefit.” https://lnkd.in/diGAKxET VisitScotland The Scottish Tourism Alliance (STA) Richard Lochhead Marc Crothall MBE Jeremy Hunt UK Short Term Accommodation Association (STAA) Clare Winskill David Smythe David Weston Carl Thomson Ben Edgar-Spier Fiona Campbell Myah Thomas (Cert DDM) Anna Scott

Abolition of FHL Tax Regime This article considers what we know so far, the policy drivers for this change, and what the eventual outcome might be. Association of Scotland's Self-Caterers PASC UK The Scottish Tourism Alliance (STA) https://lnkd.in/eJ3C3NQ4

After months of uncertainty, draft legislation to move forward with the abolition of the special tax rules for furnished holiday lets (FHLs) was released this week. My colleague Heather Britton explains what this means for FHL owners and what they should be considering. #FurnishedHolidayLets #FHL #propertytaxes #tourism

We were optimistic that the plans to abolish the furnished holiday lettings tax regime had been set aside, especially since the proposal didn't make it through parliament before the general election campaign. However, with the new Labour government now in power, they have decided to revisit this issue as part of the spring budget proposal. This update was recently posted on the HMRC website: https://lnkd.in/enjgJeXn The main changes are going to be:- 🏡Mortgage interest will no longer be tax deductible in full; 🏡Capital allowances (a special tax relief) for new expenditure like new bathrooms will no longer be available and instead only relief for replacement for certain domestic items will be allowed; 🏡Certain Capital Gains Tax reliefs will no longer be available if the properties are sold or disposed of (meaning tax at higher rates); 🏡Profits from FHLs will no longer count as relevant earnings for personal pension contributions; ❗FIND OUT MORE AND JOIN US FOR OUR NEXT "TALK" (Webinar)❗ The Abolition of Furnished Holiday Tax Regime: What it Means for the Self-Catering Sector 🏡When: Wednesday 14th August at 2pm 🏡How: Book your ticket here: https://lnkd.in/eDKQMbpv and join us virtually by Zoom 🏡Member tickets: Please visit PROMO codes for ASSC members to get your FREE ASSC Member ticket for this event: https://lnkd.in/ewVRbNKJ? 🏡Non-Member tickets: Non-members are welcome to attend for a small fee Not a member of the ASSC yet? Join us to access a wide range of member benefits, including expert guidance, free webinars, exclusive events, and our member WhatsApp community. Learn more and become a member today: Join the ASSC: https://lnkd.in/eQQT6Nh6 #selfcatering #stl #tax #tourism #Scotland Fiona Campbell Anna Scott PASC UK Alistair Handyside MBE Clare Winskill Jason Batty Eureka Capital Allowances Myah Thomas (Cert DDM) Marc Crothall MBE The Scottish Tourism Alliance (STA) VisitScotland Patrick O'Shaughnessy Carl Thomson Ben Edgar-Spier Scottish Agritourism Caroline Millar Scottish Land & Estates Sarah-Jane Laing