Excellent video for this topic,covered all aspects we are not clear about. One question, will the current FHL tex regime still valid for the 2024-2025 year tax return? Thanks.
Good show but I am still confused! Does this mean that my holiday lets are no longer a business? I have other property that is let long term so are they all the same now? Yet they are completely different as for the long term lets there are very few expenses as they are all covered by the person renting them whereas the holiday lets have loads of expenses - laundry, cleaning, heating, repairs etc.... not to mention the admin hours I put in. Plus while I run the business on my own and do all the work, , the property is part owned by my brother and my partner so while at the moment I get 80% of the profit, in the future i will only get 33%. Unfair!
Hi, thanks for watching! Draft legislation will be published in due course where we hope HMRC will clarify the true treatment of FHLs on tax returns. It's not clear whether they will be reported with long term lets or whether they will remain to be reported separately as a FHL business.
