FHL's
JJH1969
Registered Posts: 110 Epic contributor ๐
I have a client who purchased a FHL in December 2013. They have invested a large sum of money into furnishing it (beds, fridges, carpets, TV etc) for the holiday season but for 13/14 have not qualified as a FHL. Obviously the renewals basis has been scrapped but surely there must be a way to claim back these costs?
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Could they claim the 10% wear & tear this tax year and the capital allowances next tax year if the FHL conditions are met?0
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Starting at the beginning - have you paid attention to s.324(2) ITTIOA 2005 when deciding that it didn't qualify in 2013/14?I have a client who purchased a FHL in December 2013. They have invested a large sum of money into furnishing it (beds, fridges, carpets, TV etc) for the holiday season but for 13/14 have not qualified as a FHL. Obviously the renewals basis has been scrapped but surely there must be a way to claim back these costs?0 -
Yes I did. I have spoken to HMRC and they advise that as it wont qualify until 14/15 then trade doesn't begin until then so the capital costs can be bought in on first day of trading which is 1 July 2014. Just thought Id let you all know incase you have similar1
