Implications of coronavirus for holiday let owners

The tourism and leisure industry had a torrid year in 2020. Many clients have been badly affected and have looked to their accountants and tax advisers for help as they tried to weather the crisis. Moving beyond that and as we look forward to what is hoped will be a better new year and a ‘new normal’ what should advisers be thinking about for clients with furnished holiday lettings (FHLs)?

In this article we review the implications of what has happened in 2020 look at some of the recent trends and suggest some areas to focus on.

Covid-19 crisis support measures

As a result of the Covid-19 outbreak in 2020 the government introduced a series of financial relief measures to help businesses including FHL owners. These are something of a patchwork of tax cuts and grants. As owners of FHLs have a...