Tax Specialist Cautions FHL Owners Against Premature Actions
Last Updated on June 23, 2010 by admin
Tax Specialist, John Endacott of Accountants, Winter Rule welcomes the Emergency Budget announcements on the Furnished Holiday Let Rules.
He commented; “The announcement today is in line with my most recent discussion with the Treasury specialists. I cautioned against premature action and stressed the need to better research the potential impact of any changes. Part of this was asking for any changes to be deferred until April 2011 to allow for further consultation. That has now been promised and I hope it leads to a better thought through solution to the government’s concerns.
For owners of complexes then it may be more appropriate to be reclassified as a true trade and we await a clear view from H M Revenue & Customs on that. As far as the new furnished holiday let rules are concerned then it is important that any tightening up of the qualifying criteria does not penalise very seasonal locations or prevent new businesses entering the sector.”
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