In addition to our core services, we offer advice and support through third parties with particular expertise in all aspects of tax, accountancy and insurance. As property owners you will have the problems, and, of course, the opportunities that come with holiday home ownership. Proper professional advice needs to be sought when considering such matters.

If you let your property for holidays this has tax implications which you must be aware of. All details are contained in the comprehensive guide to letting holiday property on the government website. Log on to www.direct.gov.uk.

Taxation, Accountancy and Insurance

Income Tax

There are endless questions relating to income tax, from what are allowable as deductions to what capital allowances are permitted, and from how can losses and profits be allocated to the most effective way to structure the business, and many more in between!

Capital Gains

Depending on qualifying conditions begin met, how a property is treated for CGT purposes can mean the difference between paying 10% or 18-28%, and under the right circumstances gains can be sheltered by rollover into replacement business assets!

Inheritance Tax

The property can often qualify for 100% Business Property Relief which means that it would be exempt from Inheritance Tax! This is a very specialist area requiring professional advice to ensure qualification!

Trust and Estate Planning

Under certain circumstances it may be appropriate to place properties into trust for specific succession requirements, in which case specialist legal advice may be required!

Investments and Pensions

There are ways to use excess profits in a tax efficient manner to help reduce tax liabilities potentially now and in the future!

Bespoke Insurance

You will need to ensure you have the correct levels of buildings, contents and liability covers in place for your individual property, but also need to know that the premiums you are paying are competitive!
If you would like more information or advice on any of the above, please visit the website for Oakleigh Financial Planning.