Tax rebates - Urgent !
Jul 14th 2009, 7:26 pm
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Joined: Feb 2007
Posts: 39
Tax rebates - Urgent !
Hi all,
Just a quick note that may just save you many thousands of pounds.
In the 2009 budget, tax treatment of qualifying furnished holiday lettings is extended to all properties in the European Economic Area (Spain counts) until 2010. After this date the tax perks will be abolished for all.
What does this mean to Esui owners?
Well if your property is available for rent 140 days a year, and you have >70 days of actual letting, you can claim the same tax relief as UK furnished lettings....
Which include: Maintenance allowances, accounting charges, advertising & marketing, rent, rates, insurance, mortgage interest, heat and light, repairs and maintenance, services, garden, telephone, cleaning materials, travel expenses to property and ....
Capital allowances (40-50% in the 1st year, 25% of remaining balance each year after .. this includes furniture..).
The goverment are allowing us to go back to previous years - claims need to be in by end of July 2009..
The really cool thing is this tax releif (40% if you are a higher tax payer), can be claimed against other income (ie your salary) ..
So get your skates on, and claim back a lot of income tax asap if you qualify .. in my own situation, I do qualify as we have had a number of rentals since buying Esuri .. the total amount adds up to several thousand pounds.
If this does not get "post of the year" I don't know what will ...
AlandEve
PS this is genuine not a wind-up .. I have researched this carefully and happy to answer questions (If I can..)
Just a quick note that may just save you many thousands of pounds.
In the 2009 budget, tax treatment of qualifying furnished holiday lettings is extended to all properties in the European Economic Area (Spain counts) until 2010. After this date the tax perks will be abolished for all.
What does this mean to Esui owners?
Well if your property is available for rent 140 days a year, and you have >70 days of actual letting, you can claim the same tax relief as UK furnished lettings....
Which include: Maintenance allowances, accounting charges, advertising & marketing, rent, rates, insurance, mortgage interest, heat and light, repairs and maintenance, services, garden, telephone, cleaning materials, travel expenses to property and ....
Capital allowances (40-50% in the 1st year, 25% of remaining balance each year after .. this includes furniture..).
The goverment are allowing us to go back to previous years - claims need to be in by end of July 2009..
The really cool thing is this tax releif (40% if you are a higher tax payer), can be claimed against other income (ie your salary) ..
So get your skates on, and claim back a lot of income tax asap if you qualify .. in my own situation, I do qualify as we have had a number of rentals since buying Esuri .. the total amount adds up to several thousand pounds.
If this does not get "post of the year" I don't know what will ...
AlandEve
PS this is genuine not a wind-up .. I have researched this carefully and happy to answer questions (If I can..)
