Latest / Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights / How the End of FHL Tax Relief Affects Holiday Let Owners

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How the End of FHL Tax Relief Affects Holiday Let Owners · Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights

0:00
April 2025 was a momentous time in the holiday elect sector with
0:04
the biggest changes to tax legislation in over 40 years.
0:08
With the removal of tax benefits for furnished holiday let's,
0:12
there potentially are some ways that you can in restructure your
0:15
business to mitigate those changes long term.
0:18
If you're making a profit from short term net gain and you're
0:20
paying tax and it's still a good thing, tax is a byproduct of a
0:24
successful business. How has the furnished holiday
0:27
lettings tax regime changed? What does it mean for current
0:31
owners and new investors? Can people still claim capital
0:35
allowances? And how should property
0:37
management companies support their owners who are concerned
0:40
about the changes? Matt Jeffrey from Zeal Tax will
0:43
be answering all these questions and more on today's Host Planet
0:47
podcast. Matt, thank you for joining us
0:55
on the Host Planet podcast. In relation to the furnished
0:58
holiday lettings tax regime. What changed in April?
1:04
Oh, James, thanks for welcoming us back on again for the
1:07
podcast. And yes, you know, it's the
1:10
April 2025 was a momentous time in the, in the holiday let or
1:16
short term net sector with the biggest changes to tax
1:20
legislation in over 40 years with the removal of the tax
1:26
benefits for furnished holiday. Let's probably first thing we
1:29
should do is just clarify that if we're using the term
1:31
furnished holiday let's throughout this podcast, it
1:34
means a short term let or anything, a property that's let
1:38
furnished on a short term basis. So we will just we'll, we'll,
1:42
we'll run with FHL or furnished holiday let, but it does
1:46
encompass, you know, all properties let on a short term
1:48
basis and can include things like static caravans, lodges,
1:52
etcetera as well. So as I've sort of on hopefully
1:57
every watching this is well aware that the furnished holiday
2:00
regime was abolished. But just to quickly summarise
2:04
what the the key things were that removed.
2:08
So interest on finance costs will be restricted to a 20%
2:12
basic rate tax deduction. So you don't lose at all, you're
2:15
just restricted to a 20% tax relief.
2:19
There's capped allowances will be removed.
2:22
You'll still be able to claim the replacement of domestic
2:25
goods, which is good for furniture toddler because your
2:27
furniture, furnishings, etcetera, washing machines,
2:30
dishwashers, things like that. When you change those, you'll
2:33
still be able to get tax relief from them.
2:35
But if you're buying new ones for the first time, then then
2:37
you'll no longer get any tax relief from that pension.
2:42
So your earnings or your profits from a short term net useful to
2:45
count them as relevant earnings towards your pension
2:48
contributions. So going forward, you won't be
2:51
able to do that. And then the other one is the
2:54
the ability to share income between owners in a tax
2:59
efficient manner that now says the rules say that, you know,
3:03
joint owners need to share their profits based on their legal
3:07
ownership. And then the final one was
3:10
capital gains tax release. So when you sell your property
3:12
and you pay another load of tax on your profit that you make you
3:17
the release that or there was some release and different rates
3:21
that you could use and the holiday let's and they'd be
3:23
removed as well. So if you sell your property
3:25
now, it's just, you know, capital gains tax based on using
3:28
the rates of 18 and 24% as they currently stand.
3:31
So, so yeah, it's quite a bit, quite a bit of change.
3:34
Yeah, a a very big change for people running furnished
3:37
holiday. Let's and let's let's break it
3:39
down then. What does it mean for current
3:42
holiday let owners? Yeah.
3:44
OK. So one thing I'm trying a
3:47
message I'm trying to get out to, to the, you know, the owners
3:49
we speak to on a daily basis is that, you know, look for some
3:52
people, hopefully you will not see any change.
3:55
You know, if you don't have a mortgage, if you've claimed all
3:58
your capital allowances, you know, if your business is set up
4:01
in, you know, tax efficient way, then and hopefully you'll see no
4:04
changes at all. And for those who you know will
4:09
be impacted, you know, potentially where you've got
4:12
high interest costs etcetera, then you know you will likely
4:16
pay more tax. But there potentially are some
4:18
ways that that you can in restructure your business to
4:21
mitigate those changes long term.
4:23
You know, it's not something that that can happen overnight,
4:26
but there are steps you can put in place to to try and mitigate
4:29
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sorted with Housefully. And for people who want to start
5:52
investing in holiday let's what are the main implications for
5:55
them? Yeah, I think that's where the,
5:58
you know, the biggest impact we'll we'll see is people new to
6:02
holiday letting more in terms of the setup costs and the the
6:08
ability to deduct those. So historically, you know,
6:11
owners of of holiday let's FHL's, they will incur, you
6:15
know, fairly significant cost to, you know, to fit out your
6:18
property, you know, things like furniture, furnishings, beds,
6:24
sofas, all that type of stuff. The, you know, the the obvious
6:27
hot tub as well. And that usually meant that that
6:30
owners could, you know, generate a a pool of losses at the
6:34
beginning that they could then use and normally mean that you
6:37
won't pay any tax for the first few years.
6:40
Then there's obviously the ability or was the ability to
6:42
claim cap allowances on potentially part of your
6:44
purchase products and furniture costs.
6:46
So those coming into the industry now who can't do that,
6:50
they're pretty much going to pay tax from day one.
6:52
Whereas you know, previously you could have had a bit of a period
6:56
of time before you had to pay tax.
6:57
So, but as I always say to, to people, you know, if you're
7:01
making a profit from short term net in and you're paying tax and
7:03
it's still a good thing, you know, it's, you know, it, it, it
7:07
tax is a by product of, of, of a successful business.
7:10
So, you know, I, I try to encourage people not to put
7:13
people off just because the tax rules have changed.
7:18
But you know, for those coming into the industry, they won't
7:20
know any different as well, hopefully.
7:21
So not such a major issue. If, if it means that there's
7:27
less people entering the sector or it's less easy to enter the
7:32
sector, then maybe that's better for the industry long term.
7:34
We will see. But yeah, you know, the biggest
7:38
impact is is really going to be for the new people new to the
7:40
industry. Yeah, it's interesting, isn't
7:43
it? I'm thinking back to when I
7:44
bought my first holiday let and yeah, obviously kitting it out,
7:48
there's a lot of expense there with all your furniture and TV
7:51
and beds and and all the rest of it.
7:53
And one thing I did was I replaced the kitchen.
7:56
Now if I'm replacing the kitchen, is that an expense
8:00
because it's right at the start and you are replacing something
8:02
existing. Would that be something you can
8:04
claim? Potentially yes, unfortunately I
8:07
can't just say yes, you can replace, you get to actually
8:10
replace the kitchen because it does depend on.
8:12
So if you if it's pretty much like for like with the
8:15
improvement being just in line with technological advantage
8:19
advances. So you know the common one I
8:21
would say with the kitchen is we used to put wooden worktops on.
8:24
Now people put a granite worktop on or a stone worktop.
8:27
Whilst that is an improvement that's just in line with
8:30
technology so or advances in technology.
8:32
So as long as you're not taking doubling the size of the kitchen
8:38
and put in a sort of stainless steel kitchen in above the sort
8:41
of standard, you should be able to deduct that cost.
8:44
The trade off will be that when you sell the property in the
8:47
future, you won't be able to deduct that cost to the new
8:50
kitchen against your capital gains tax.
8:52
Whereas previously in the capital allowances you could
8:54
have deducted against income tax and then and then against
8:58
capital gains tax in the future. So it does depend.
9:01
There is a, we do have a, there is a guide to which will answer
9:05
all those types of questions. I'm changing my bathroom, I'm
9:07
going to do this or that. It is a, a guide on our website
9:11
and it's probably available through host planet.
9:13
If it's not, we'll make sure it is.
9:15
And that's got lots of frequency ask questions that will answer
9:18
those types of questions that owners have.
9:20
So yeah, there's a good source here.
9:23
Yeah, it's really comprehensive and we'll make sure that we put
9:25
a link to that in the show notes.
9:27
So obviously then you're chatting to owners all the time
9:30
about their situations. What are the biggest issues that
9:34
owners are currently facing in relation to the rule changes?
9:38
Sure. But interestingly, the most
9:40
common and most regular issue that we're facing on a daily
9:44
basis is owners. We're we mentioned previously
9:47
about having the joint owners having to share the profits
9:51
equally, whereas previously you could allocate the profits to
9:55
the lower earner, meaning that you could, you know, avoid that
9:58
40% tax rate that that maybe you know, one of the owners has.
10:03
So it will have a big impact. You know, if people, if you've
10:06
got a profitable business and you know, you were using up your
10:10
one partner's personal allowance, 1st 12 1/2 thousand
10:14
tax free and then just paying tax and 20%, it might mean that
10:17
half your profits have been taxed at 40% or 45%.
10:20
So we've been working with owners a lot around that and
10:24
looking at ways that they can manage that.
10:26
So if you're not married, so if you're joint owners and you're
10:29
not married and one person does specifically operate the
10:32
business, then you can actually continue to operate as you were
10:37
previously. Ideally you form a partnership,
10:41
but it's not it's not essential. And HMSC have really some new
10:44
guidance recently that that confirms that non married
10:47
couples that providing that they can, you know, evidence the fact
10:52
that one person is more involved than the other, then they will
10:55
be able to still allocate the profits in in in the manner that
10:59
that they've agreed as a business.
11:03
The if you if you're husband and wife, then you do need to do
11:07
something or, or I should say husband, wife, married couple or
11:11
civil partners to be to be correct.
11:14
And you know, the things that we're looking at for those type
11:17
of people are things like a declaration of trust.
11:21
That's where you change the legal ownership from.
11:23
I always get this from joint tenants to tenants in common.
11:27
And then you can have a simple legal document that says, you
11:30
know, our percentage shares are say 99% to my wife and a 1% to
11:36
me. And that gets submitted to HMRC
11:38
and HMRC will allow that allocation and based on that
11:41
fixed amount. Now that's that works quite
11:44
well. You know the costs involved in
11:47
doing a declaration of trust aren't expensive.
11:49
You know you shouldn't be paying more than £1000 to to get that
11:52
done. The other options.
11:55
Then you are fixed for that. Then forever.
11:57
So, well, not forever, but until your circumstances change and
12:02
you know, you need to consider things like does it affect your
12:04
mortgage? If you've got a mortgage and you
12:06
know, there are obviously legal issues that as tax advisors, we
12:09
can't comment on, But you do need to just double check those
12:12
things. Check with your mortgage broker,
12:13
check with the legal adviser. Just understand your position.
12:16
But if you're married, changing the legal ownership shouldn't
12:18
really make too much difference. The other options then are
12:22
forming so a husband and wife can actually form a partnership.
12:26
I know I mentioned just then about non married partners, but
12:29
if you're, if you are married and you know you do, there is a
12:35
A1, one of the spouses is the person who runs the business.
12:39
It just happens that that the other one is a is a joint owner,
12:42
then you will need to, to commercialize that partnership.
12:46
So you have to, you have to do the things that HMRC would
12:50
expect to see from a normal partnership.
12:51
So that would include a partnership bank account,
12:55
partnership agreement, partnership tax return,
12:57
partnership accounts, all those things.
13:00
And if you do that then that will enable you to, you know,
13:04
allocate the profits in line with what your partnership
13:06
agreement says. But as I, you know, when you
13:09
compare that option against a declaration of trust, whilst
13:14
year one, then the cost might be similar, you know, year 2, year
13:18
three-year 4, you've got the same cost to doing your
13:20
partnership counts, doing your partnership tax return, etcetera
13:23
that you don't have with the declaration of trust.
13:25
There's more flexibility to, you know, to it doesn't have to be
13:28
99 Percent, 1% each year with the partnership, but it is more
13:34
costly, you know, so a lot of people are favouring the
13:37
declaration of trust as opposed to the partnership.
13:41
But you know, there might be, for some owners, there might be
13:44
a wider reason to go to a partnership.
13:46
So for instance, bringing some children in that maybe want to
13:49
work in the business long term or working in the business now.
13:53
So you know, there's not a straight answer for everyone,
13:56
but the declaration of trust seems to fit for a lot of
13:59
people. Yeah, I think that's an
14:01
important point, isn't it, that everybody's situation is
14:04
different and you can only really get tailored advice if
14:08
you make a call and get in contact with you guys so they
14:10
can run through absolutely everything.
14:13
Yeah, exactly. You know, don't take advice off
14:16
Facebook. You know, what is it?
14:18
Someone said in the other day. So when people are taking tax
14:21
advice on Facebook, it's like if, if it were electricians,
14:25
everyone would be on fire by now.
14:28
I probably haven't said it exactly right, but but that was
14:31
the, the gist of it. The other thing we're coming
14:34
across, obviously, you know, a lot of people are struggling
14:37
with changing over the business rates.
14:39
There's a big, big backlog with the valuation office agency.
14:43
That's who we applied for to switch from council tax to
14:45
business rates. You know, we're seeing 6 to 18
14:49
months delays on that. So, you know, very frustrating
14:53
for, for owners having to pay double council tax while they're
14:56
waiting for, for the application to be processed.
14:59
You know, my message to them is to, you know, to keep, keep,
15:02
keep on to the VOA, Make sure they're aware that it's causing
15:06
you financial hardship. And, you know, speak to your
15:09
council to see if they, you know, they'll, they will, you
15:12
know, freeze the payments while while you wait for the VOA to
15:16
process your application, you will get any council tax back
15:19
refunded to the point that when you, when you, when you qualify.
15:23
But it is causing quite a bit of distress for owners because, you
15:27
know, the payments have doubled or tripled in some people's
15:29
cases. Yeah, it's, yeah, it is quite a
15:32
hardship and it can make your business unprofitable really.
15:35
I think that's part of our advice at Host Planet.
15:37
We say get yourself on to business rates ASAP and I've
15:40
been through this myself and one thing I will advise to people,
15:43
if they are struggling, write to your local counsellors, write to
15:47
your local MP because that might speed the process along a little
15:50
bit. So yeah, try and pull all the
15:53
levers at your disposal. All right then.
15:56
So in terms of mitigating your your tax bill, one of the ways
16:02
you can do this is through capital allowances.
16:05
Now, you can't claim from now capital allowance if you're new
16:09
into the holiday let's space, but if you've been up and
16:12
operational for a while, you still can.
16:15
And maybe this is one of the misconceptions.
16:17
So explain to us exactly what capital allowances are and how
16:21
long have current owners got to make a claim?
16:23
Yeah, sure. So cap allowances are
16:26
essentially a former tax relief for assets that you use in the
16:30
business. It's referred to as capital
16:32
expenditure for holiday owners as we sort of already alluded
16:36
to, things like you know, your furniture, furnishings, hot tub,
16:39
etcetera, they're the types of things that qualify for capital
16:42
allowances. But there's also an, an
16:44
additional level of cap allowances for the embedded
16:48
fixes that that you either purchase with or install in your
16:52
property. The common examples where you
16:55
know, we've mentioned a kitchen already, but kitchens,
16:57
bathrooms, electrical systems, heating systems, you know, your
17:00
water disposal pipe work, waste disposal pipe work.
17:05
I always say the doors and windows don't qualify, but the
17:07
handles and hinges do. So just to give you an idea of
17:09
that. So yes, there is this actual
17:11
level of capital allowances that often gets overlooked on the
17:15
purchase policy of your property.
17:17
So, you know, just for this call just come up and I spoke to an
17:22
owner who had a rental property that that they purchased 10
17:26
years ago. They've been holiday letting for
17:28
three or four years. And they were completely unaware
17:31
that they could actually claim part of the purchase price of
17:34
the the property that they bought.
17:36
And actually it's going to, well, we just done the figures.
17:38
They're getting 7000 lbs back and they've limited emulated,
17:42
eliminated the payment they've got to make this month as well.
17:46
And obviously they got their future savings.
17:47
So yeah, so those people who, as you said, started holiday
17:51
letting before April 2025 and purchase their property or pay
17:56
for their refurbishment costs etcetera, before April 2025,
18:00
then there is a window of opportunity still to make claim
18:04
for cap allowances. The claim needs to be made in
18:07
the 2425 tax return. We're talking about individuals
18:11
now at the moment and that return needs to be followed by
18:14
the 31st of January 2026. But there will be a 12 month
18:18
period to amend that tax return until January 2027.
18:23
So still a nice window of opportunity and the, the big joy
18:27
with it is that from when you, when we get to next year, owners
18:33
who've got long term vital let income as well, they'll be able
18:37
to use the cap allowances against them as well.
18:39
So it just amplifies the, the benefit of, of cap allowances.
18:44
So for for individuals, you know the hard deadline is January
18:48
2027. But if you're already paying tax
18:52
on your holiday profits and you want to do it as soon as
18:54
possible so that you can go back a year.
18:57
For limited companies, your your deadline will be sometime early
19:01
2027, but it will depend on your year end of your company.
19:05
So you'll have to, you'll have to check that.
19:08
But again, the rules are exactly the same for companies.
19:10
You have to start it before April 2025 and you have to incur
19:14
your expenditure before April 2025.
19:17
If you do claim your capital allowances and then decide to
19:21
sell the property, can those capital allowances be offset
19:26
against the capital gains tax bill?
19:29
Yeah, unfortunately not you, you can't use the losses against
19:34
because the income tax losses what for individuals, no, for a
19:37
limited company potentially you can.
19:39
So you can potentially set against chargeable gains in a if
19:42
you own the property in a limited company.
19:44
But for individuals, unfortunately, those losses or
19:47
the cap allowances can only be used against property income.
19:50
So you can carry them forward indefinitely.
19:53
So if you've got long term let's except for you can still use
19:56
them. So that's one of the one of the
19:58
advantages of the changes because previously any captain
20:01
allowances or losses from Fernet holiday let's were always ring
20:05
fence and only used against holiday let's.
20:07
But from this tattoo, we can actually use them against
20:10
everything. So there's a plus side to it.
20:13
So even if you sell a property and you've got some capital
20:16
gains capital allowances in the bank, you may be able to use
20:20
them against a future. Purchase.
20:23
Yeah, exactly that. Yes, exactly that or or or other
20:26
other property that you've got. Exactly, Yeah.
20:28
So if we look at an average property then and in the UK, the
20:31
average price is not too far away from 300,000 lbs.
20:34
So how much would you expect to be able to claim in terms of
20:38
capital allowances in this scenario?
20:41
Yeah, sure. That's quite a typical example.
20:46
The percentage of a property that will qualify of a property
20:49
purchase price that will qualify.
20:50
There are variables we normally quote between 15 and 30% of a
20:55
purchase price, but things will affect that.
20:58
That range will be, you know, the location.
21:01
So land values will differ, you know, from Central London to to
21:06
South Wales. You're, you know, the type of
21:09
the property. It is all these different
21:12
things. So let's take an example of the
21:14
300,000, let's say 20% qualified.
21:17
So that would mean that sixty, 60,000 lbs.
21:20
Three hundred 300,020% is 60,000 lbs, so that means that 60,000
21:26
lbs of holiday debt profits are not taxable.
21:29
And so that will save you 12,000 to 24,000 lbs, which is quite a
21:37
quite a standard example of the types of claims that we do.
21:42
And if you paid £12,000 in tax last year then you'd be able to
21:46
get it back. All right, superb.
21:49
OK then. So what should businesses who've
21:52
got clients in the holiday Let's sector be doing to help their
21:56
owners with these changes? Yeah, you know, I think it's
22:00
really important that that, you know, those those businesses
22:04
with clients in this sector are doing everything they can to
22:07
support their their owners, believe it or not.
22:09
You know, they're one, they might not have accountants and
22:13
two, you know, their accountants may not be specialists in
22:16
holiday let's and, and, and fully aware of the changes and
22:20
the opportunities prior to the, you know, prior to the deadline.
22:23
So, you know, we encourage all owners to, to make sorry, you
22:27
make, we encourage all stakeholders in the industry
22:31
that have clients or contacts to, you know, maybe work with
22:35
Zeal and, you know, make sure that that your owners have got
22:38
all that information that they need to make sure that they're,
22:41
you know, doing the things that they need to do now to help them
22:44
mitigate their tax long term. They will only thank you for it,
22:48
you know, being going that extra mile and thinking about your
22:52
clients. You know, our experiences with
22:54
the partners that we work with that, you know, they, they
22:57
strengthen their relationships without, with their owners.
23:00
They make sure that they're getting the maximum return on
23:02
their investment, because if they're paying less tax, they're
23:05
they're ROI is better. And, and there's also a, you
23:08
know, a financial reward for, for introducing clients to zeal.
23:11
So we've got a whole host of information available through
23:16
our hub that that we can make it available to, you know, to
23:21
businesses to share with their, to share with their clients, you
23:24
know, and the feedback is always really, really good.
23:26
And, you know, businesses like to work with us as well.
23:29
They see the value in, in helping, helping their owners.
23:32
So yeah, you know, don't assume that they know everything and,
23:34
and and, you know, make sure that you highlight the things to
23:37
them. Absolutely, Yeah.
23:39
And there's plenty of advice on our website as well.
23:42
And and we're directing people through to Zeal.
23:45
As we said before, first thing to do, give these guys a call,
23:47
drop them an e-mail and and organise that that first
23:50
meeting. OK.
23:52
Then, Matt, what advice would you give to any owners out there
23:55
who just feeling a bit worried and overwhelmed about all these
23:58
changes? Yeah, you know, my, my message
24:01
is please don't panic. You know, get some good advice,
24:05
check your position. It might, you know, it might be
24:06
that it won't affect you at all and you know, plan ahead.
24:11
That's really important. You know, don't wait for things
24:13
to happen and then panic. You know, if you look, you've
24:17
got, there's a window of opportunity now to re to
24:20
organise your fears in a most tax efficient manner.
24:23
So, yeah. And as you said, you know where
24:26
anybody who's listening to this webinar today, if they, if they
24:29
mention host planet, we'll have to give them a free 20 minute
24:32
consultation. You can e-mail us at hello at
24:35
goziel.co.uk. As I said, mention host planet
24:39
and we'll, we'll arrange a 20 minute call with myself or one
24:42
of the specialists at Seal just to make sure you're, you know,
24:45
you're on track and you're aware of everything.
24:47
Superb and of course we'll also be at the Holiday Let's Success
24:52
event which is on the 11th of November in Chester, the HQ of
24:57
Sykes Holiday Cottages. It's a free event, so if you
25:00
want to come along to that and meet Matt and myself and ask any
25:03
questions you've got again about capital allowances, then please
25:06
do come along. Head to our website to the
25:08
events section, you'll find the link.
25:10
Go to host Planet dot Club. Looking forward to seeing you
25:13
again, Matt. Yeah, Jeffrey James, look
25:14
forward to seeing November if not before.
25:16
And yeah, as I said, you know, anyone speak to us hello at
25:19
cozil.co.uk or or through host Planet and there's lots of
25:22
information directly to our website through there.
25:25
Superb, Matt. It's been a pleasure as ever.
25:28
Thanks for joining us on the Host Planet podcast.
25:30
Thanks James, see you soon. Great to chat to Matt Jeffrey
25:32
there from Zeal Tax about the FHL changes.
25:35
Remember, there is still time to claim your capital allowances
25:39
and significantly reduce your tax bill.
25:42
All right, that's it for today's episode.
25:43
Remember, this podcast is brought to you in collaboration
25:46
with Housefully, which is trusted by short term rental
25:49
professionals across the globe. As a House Planet listener, you
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get 2 exclusive offers, $500 off onboarding for Housefully's
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property management software. Just use the code PLANET 500 and
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26:24
That's it for today's episode. Until next time, happy hosting.