Serviced Accommodation – Capital Allowances, S24 and SLR
Shaz talks all things Serviced Accommodation in this informative episode from capital allowances through to sideways loss relief He explains the crucial differences between serviced accommodation and furnished holiday lets and discusses what tax relief can be claimed and the best ways to build capital allowances as you purchase more properties, listen in, and find out more.
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Show Notes
Shaz talks all things Serviced Accommodation in this informative episode from capital allowances through to sideways loss relief
He explains the crucial differences between serviced accommodation and furnished holiday lets and discusses what tax relief can be claimed and the best ways to build capital allowances as you purchase more properties, listen in, and find out more.
KEY TAKEAWAYS
- In a limited company when you take money out you pay income tax on the salary or dividend
- Claim all your capital allowances up to the limit and create a taxable loss going forward
- The more property you buy, the more capital allowances you have and the more you can claim in the coming years
- With serviced accommodation, you are providing extra services such as laundry
- If it’s a furnished holiday let it must be available for commercial letting for 210 days
- and has to be let out for 105 days
- Stays must not be longer than 30 days
- You need to be able to meet the criteria
- Sideways loss relief means you use it against other income
BEST MOMENTS
‘It’s to stop you living in the property and claiming the tax benefits’
‘A limited liability partnership and a limited company are separate legal entities’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of
income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on: