On 15 March, Chancellor Jeremy Hunt delivered his Spring Budget 2023 which he coined as a “Budget for Growth”. However, the only announcement that directly impacted furnished holiday let (FHL) operators was to the pension changes.
Profits made from FHLs are treated as ‘Earned Income’ for tax purposes meaning you are entitled to pay more into your pension scheme than the standard employee. With the pensions annual tax-free allowance rising from £40,000 to £60,000 from April 2023, you can lower your tax bill even further with the right tax planning in place.
For more information or advice based on your circumstances, please get in touch with our EQ Leisure specialists by calling one of our offices.