Holiday Lets in the UK and European Economic Area

In the 2011 Budget there has been a major change to the treatment of losses from holiday let businesses in the UK and European Economic Area, namely that such losses will longer be allowed against general income from April 2012. If you have losses from a holiday let business this is the last tax year were losses can be set off against general income. From April 2012 losses will only be allowed against that particular business and no other income, so if you have a residential let that is making a profit any losses from a holiday business cannot be set off against the residential let business.

The tax treatment of holiday home businesses in the UK and EEA will be the same as holiday homes in any other part of the world.

If you rent out a holiday let either in the UK or within the European Economic Area then Tax Advantage can prepare your income expenditure accounts, tax return and ensure you are claiming everything you are entitled to claim.

For more information and a quote for preparing accounts and your tax return please use the complete the contact form and we will get back to you.