Tax breaks for barn conversion to Furnished Holiday Let
Posted: Mon Dec 11, 2017 10:18 pm
We are well on the way with having a barn converted on a field we have owned for years, and are looking for any tax breaks.
It's totally clear on HMRC website that as the work is for rental property, we can't get the 5% VAT rate.
I have also discovered that for a FHL I can claim Capital Allowances for quite a lot of things including Fixtures and Fittings, even before I start my 'business'.
I'm not sure though if any structural work, or overheads in the significant conversion costs can be claimed in any way. I have already claimed a little professional advice against the (very small) rental for the field, but suspect that might be it.
Thanks
It's totally clear on HMRC website that as the work is for rental property, we can't get the 5% VAT rate.
I have also discovered that for a FHL I can claim Capital Allowances for quite a lot of things including Fixtures and Fittings, even before I start my 'business'.
I'm not sure though if any structural work, or overheads in the significant conversion costs can be claimed in any way. I have already claimed a little professional advice against the (very small) rental for the field, but suspect that might be it.
Thanks