Horrors of their first budget.

[willendure]

Missed this one but saw it in an update from my accountant today:

"The Furnished Holiday Lettings (FHL) tax regime will be abolished from April 2025. The effect of abolishing the rules will be that FHL properties will form part of the person's UK or overseas property business and be subject to the same rules as non-furnished holiday let property businesses. This will apply to individuals, corporates and trusts who operate or sell FHL accommodation."

So no expense deduction from your AirBnB any more!! Thats a kicker, as we were deducting power/water, council tax, mortgage interest, professional fees, laundry, repairs, you-name-it.

[mattster]

My Google fu may be white belt as I can't find an answer (and my accountant may consider this financial advice).

Can you have two companies sal sacrificed into your pension up to 60k? My ltd is still open due to doing a tiny bit of work and it has a larger than I'd like (especially at 18%) sum in it.

Unless I take it out now at 45% or close ltd and put the side hustle via brolly (income tax at 45,%) my only other option is to put some into my pension from the ltd. However I already sal sacrifice about half the allowance via PAYE.

so my Q is, can my ltd cover the other amount and pic up any deficit from the last 3 yrs?

Don't quote me on it but I believe the answer is yes and yes. I currently salary sacrifice a significant portion of my inside IR35 income and make occasional one-off (10k ish) director's pension contributions from a side hustle I still have for both me and the wife, which is entirely deductable. I have been told I can make up past 3 years from either source, although some of those years will be at the old £40k limit.

edit: if you're asking can 2x companies contribute 60k each then no, £60k is a personal limit.

[WTFH]

Missed this one but saw it in an update from my accountant today:

"The Furnished Holiday Lettings (FHL) tax regime will be abolished from April 2025. The effect of abolishing the rules will be that FHL properties will form part of the person's UK or overseas property business and be subject to the same rules as non-furnished holiday let property businesses. This will apply to individuals, corporates and trusts who operate or sell FHL accommodation."

So no expense deduction from your AirBnB any more!! Thats a kicker, as we were deducting power/water, council tax, mortgage interest, professional fees, laundry, repairs, you-name-it.

Maybe it will help fix the problems that AirBnBs cause in holiday towns, where employers can’t get staff who can afford any accommodation in the area.
But it’s a big tax increase for property moguls who don’t care.

[jamesbrown]

Nope, he/she is 100% correct.

Yes, we know you're a chemtrail moron too

[willendure]

Maybe it will help fix the problems that AirBnBs cause in holiday towns, where employers can’t get staff who can afford any accommodation in the area.
But it’s a big tax increase for property moguls who don’t care.

Yeah, even though I ran an AirBnb myself, I still find myself agreeing that it should be taxed and regulated. It paid my mortgage for 10 years, and I recently sold the property and will be claiming BADR on it, so the capital gains is not too nasty. So I cannot gripe really. No doubt AirBnB has significantly changed places for the worse, and at the end of the day its a big corporation that makes a lot of money on the back of it.

[vetran]

Maybe it will help fix the problems that AirBnBs cause in holiday towns, where employers can’t get staff who can afford any accommodation in the area.
But it’s a big tax increase for property moguls who don’t care.

I grew up in a picturesque Surrey Village and left 30+ years ago before Air BnB existed. Even then as a reasonably well paid professional I couldn't afford a house there, neither could many other people my age. You either inherited one or had money.

Air BnB is not the real cause of youngsters being unable to buy houses in nice areas (its not helping obviously), government failing to build any housing there is.

Does make sense to take plenty of tax from Air BnB profiteers.

[BolshieBastard]

One of my friends posted on farcebook before the budget that they 'dont care' if the PM and Ministers get freebies so long as work to put new steps or handrails up to help their frail parents get into and out of their house. Then posted 'working people' will not be worse off after the budget and everything in the garden now looks rosy as the nasty tories are out.

I pointed out someone giving out freebies eventually comes back and expects a big favour in return. Pointed out Taylor Swift saved hundreds of thousands of pounds being given a UK tax payer funded 'protection' and cleared route to the London concert that Stasi and his wife attended.

Also said if you honestly believe it's ok for a PM and Ministers to get freebies solong as a few steps and handrails are installed, you take the same position when any other party is in Government but curiously, I was met with a tirade when asking that.

Im broadly ok with the NMW going up but, how can people get Social Security that exceeds the NMW for sitting on their arse in their housing association gaff for doing nothing? And it baffles me how some thing increasing the level of borrowing a Government does, doesnt need to be paid back eventually and come and bite us all on the bum.

[vetran]

One of my friends posted on farcebook before the budget that they 'dont care' if the PM and Ministers get freebies so long as work to put new steps or handrails up to help their frail parents get into and out of their house. Then posted 'working people' will not be worse off after the budget and everything in the garden now looks rosy as the nasty tories are out.

I pointed out someone giving out freebies eventually comes back and expects a big favour in return. Pointed out Taylor Swift saved hundreds of thousands of pounds being given a UK tax payer funded 'protection' and cleared route to the London concert that Stasi and his wife attended.

Also said if you honestly believe it's ok for a PM and Ministers to get freebies solong as a few steps and handrails are installed, you take the same position when any other party is in Government but curiously, I was met with a tirade when asking that.

Im broadly ok with the NMW going up but, how can people get Social Security that exceeds the NMW for sitting on their arse in their housing association gaff for doing nothing? And it baffles me how some thing increasing the level of borrowing a Government does, doesnt need to be paid back eventually and come and bite us all on the bum.

we won't be paying it back we need the cash for reparations!

[Snooky]

Some anecdotal stuff

It amuses me how little critics seem to have to bash Starmer with. If we want to see people who really did well from donations, we only have to look at Conservative MPs.

https://news.sky.com/story/westminst...tcode-12771627 (click on any MP name after "Search for" on the right, then click "Skip Intro" at the bottom)

At the risk of being accused of "whataboutery" - but then that's pretty much what's going on here - it's early days for Labour but they'll have to work hard to equal the level of unsavouriness of the Johnson government - see https://www.theguardian.com/politics...-boris-johnson for example.

I'm quite happy to see how Labour get on over the next couple of years. If they're completely hopeless and worse than the Tories at their best (excuse the oxymoron), I'll admit I was wrong.

[malvolio]

It amuses me how little critics seem to have to bash Starmer with. If we want to see people who really did well from donations, we only have to look at Conservative MPs.

https://news.sky.com/story/westminst...tcode-12771627 (click on any MP name after "Search for" on the right, then click "Skip Intro" at the bottom)

At the risk of being accused of "whataboutery" - but then that's pretty much what's going on here - it's early days for Labour but they'll have to work hard to equal the level of unsavouriness of the Johnson government - see https://www.theguardian.com/politics...-boris-johnson for example.

I'm quite happy to see how Labour get on over the next couple of years. If they're completely hopeless and worse than the Tories at their best (excuse the oxymoron), I'll admit I was wrong.

So you're quite to have a lying hypocrite as PM then? Boris was no saint, but he didn't sell himself as one, and he stuck to his manifesto. Starmer fails on both points.