To conclude our series of blogs, there are a variety of complex tax rules, reliefs and allowances which apply to FHLs, many of which must be considered on an annual basis.
Fulfilling your tax reporting obligations as a landlord is a continuous process, and by forward planning, considering the rules carefully and utilising the reliefs available to you, tax liabilities can be minimised and your FHL can benefit from reinvestment.
French Duncan can offer the peace of mind that your tax affairs are being completed correctly to avoid any potential penalties that could occur if errors are found from an HMRC enquiry, and that you are fully utilising any tax reliefs available to you.
The services we could offer are:
- Completion of individual tax returns to show income from rental properties.
- Where there is a rental business, completion of both partnership tax return as well as individual partners tax returns.
- Review joint ownership position to determine if it meets relevant conditions to be deemed a rental business.
- Non Resident Landlord (NRL) individual tax return. Review of income position for Non-residents to establish if qualify to not be taxed at source, as well as completion of relevant NRL forms.
- Review the structure of ownership for rental properties so that individuals are taxed in the most efficient way.
- Planning advice should individuals be adversely affected by changes to loan interest relief.
If you have any queries, please get in touch with a member of our team.
If you are looking for advice relating to your FHL, please contact French Duncan Tax Senior Jen Kinnear either by email to j.kinnear@frenchduncan.co.uk or call 01786 451 745.
This blog is the last in a series - you can see the first six blogs here:
1. Furnished Holiday Lets - an introduction & your obligations
2. Furnished Holiday Lets - qualifying conditions & elections
3. Furnished Holiday Lets - Income Tax & Capital Gains Tax
4. Furnished Holiday Lets - Non Resident Landlords