Is anyone else concerned about the tax changes?
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Is anyone else concerned about the tax changes?
Is anyone else concerned about the tax changes for owners of holiday lets, which are to come in next year? I am still trying to get my head round what it will mean for us, but it seems that changes which were aimed at second home owners, rather than holiday accommodation run as a business, will affect the latter as well as the former. This could have an effect on the UK tourism industry as a whole, which is very shortsighted of the government in my opinion . . .
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As a result of the changes, I will benefit until next April, and I suppose I may get back some tax as a result if I can be bothered to do the necessary claiming. I wondered when I first started filling in tax returns for the apartment if I was being treated unfairly because my property in France, and wished to get the same tax reliefs as a UK second home owner. However, I would rather the decision had gone the other way and we were getting the same benefits permanently.
Yes - I'm concerend - it seems that Gordon and his mates have no understanding that property is a relatively fixed asset and that decisions and plans are necessarily made in the light of existing legislation, and changes like this can have a severe and almost unavoidable impact.
Now if we could just "flip" residences like they can abd avoid stamp duty altogether ...... ????
Now if we could just "flip" residences like they can abd avoid stamp duty altogether ...... ????
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Yes, very concerned. Our accountant sent through a summary of the changes this week.
What intrigues me is that the changes are needed because we're out of kilter with Euro law, but if you are a Brit with a property in Europe it doesn't apply to the Euro property. Is this to spare all the MPs with second/third/fourth homes in Tuscany and the south of France????
What intrigues me is that the changes are needed because we're out of kilter with Euro law, but if you are a Brit with a property in Europe it doesn't apply to the Euro property. Is this to spare all the MPs with second/third/fourth homes in Tuscany and the south of France????
Christine
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
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As I understand it, you're nearly right, Helen! We won't be able to claim costs against income on our UK properties, but if you are UK based and have a property in Europe, you will be able to claim. Really makes sense, eh?! I shall just have to try and argue that Cumbria is really a sub-region of Umbria, then I'll be OK .
Christine
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
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So if you're planning any major work on your property, get it done soonish!
Christine
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
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That made me smile WindyOur MPs are justifiably concerned that nobody should benefit from having more than one residence.
er hang on......
But we are not just landlords we are businesses and my understanding was that 'ordinary' rentals are not treated as a business whereas holiday lettings always were. As if its not hard enough at the moment anyway.
We made a small profit last year, up until then we were making a loss or breaking even but am beginning to wonder if all this hard work (we both work full time in other jobs as well) will be worth it.
I have read that the Minister for Tourism was not consulted before the changes were brought in and that MPs for Devon and Cornwall are going to lobby as it will have a big impact on businesses in their areas.
Yes quite - how many buy to let types have to find new tenants twice a week!But we are not just landlords we are businesses
I wrote to my MP Michael Jack and go this response
Given his constituency includes Lytham and St Annes imagine I may not have been the only person to raise this with him."I have not yet been able to examine the repeal of the Furnished Holiday Let legislation to which you refer, Parliament has yet to debate the legislation arising from the budget which might present an opportunity to look further at the measure, I will, however, put in train further enquiries about this matter both with the treasury and our own front bench team"
I am looking forward to hearing what he has done about this once he has "the benefit of their response"
I would strongly urge anyone else who is concerned here to contact their own MP.
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http://news.bbc.co.uk/1/hi/business/8013022.stm
and
Winter Rule is gathering evidence about the potential impact of the proposed tax changes in order to prepare a briefing paper for Treasury officials and Ministers. If you think your business will be affected or would like to add your voice to the campaign please contact John Endacott at Winter Rule by emailing taxcampaign@winterrule.co.uk
and
Winter Rule is gathering evidence about the potential impact of the proposed tax changes in order to prepare a briefing paper for Treasury officials and Ministers. If you think your business will be affected or would like to add your voice to the campaign please contact John Endacott at Winter Rule by emailing taxcampaign@winterrule.co.uk
Last edited by apexblue on Tue May 19, 2009 9:09 pm, edited 1 time in total.
It is better to remain quiet and have one think you are stupid, than to open your mouth and remove all doubt....
The biggest mistake we make in life is thinking we have time.
The biggest mistake we make in life is thinking we have time.