Owners of holiday rental properties are missing out on substantial tax benefits due to a lack of awareness of a change in the legislation.

It has been over a year since the tax benefits for Furnished Holiday Lettings (FHL) were extended to cover properties within the European Economic Area (EEA); a survey of 100 rental property owners carried out by Capital Allowance & Tax Recovery Ltd (CAATRL), found that not one of them had even heard of the changes.

Following the April 2009 budget, FHL tax benefits were extended to cover properties within the EEA. The main benefit for property owners is in Capital Allowances, although there are also benefits in loss relief and capital gains relief. However, the legislation is due to change in April 2011, when capital allowance claims will only be accepted against income from property, whereas at present it can be claimed against an individual‘s entirely tax liability. Realistically the window of real opportunity exists until 5th April 2011.

The majority of the estimated one million UK property owners abroad are not aware of this change, or do not have the expertise to identify all the tax allowances they are entitled to. Under the current legislation, a property worth £860,000 in Spain should have an estimated total capital allowance of approximately £215,000, worth a total tax benefit to the owner of £43,000 as a base rate taxpayer or up to £107,500 as a higher rate taxpayer. The potential benefits to the owner are clearly substantial.

These tax benefits are available for owners of properties that meet certain criteria. For example, the property must be advertised and available to rent for 140 days in the relevant 12 month period and must be let for at least 70 days in that year. CAATRL offers an assessment on the property to see whether it qualifies and should they fail to identify at least £25,000 of additional capital allowances, charge no fee whatsoever.

Director of CAATRL, Robin Raymond says, “Most property owners are just not aware of this opportunity. They have nothing to lose as they could be entitled to thousands of pounds in tax rebates. It is not a privilege, it is their right.”

For more information visit www.caatrl.com or email Robin on robin.raymond@caatrl.com

Press Contact: GAP PR and Marketing, 0845 241 5410
Guy Parker, Mobile: 07776 128 005, Email: guy.parker@gapgb.com

Company Contact: Robin Raymond, CAATRL, 0161 928 9961

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Large Publishing boosts business in their neighbourhood with a perfect plan for the Northern Quarter

A mere six weeks after a successful new website launch, Manchester based Large Publishing is delighted to announce yet another addition to its growing portfolio; the Large Northern Quarter Map. Hitting the streets of Manchester earlier this week it is targeted at visitors, residents and students alike and aims to make finding the way around this glorious part of the city a doddle.

In total a massive 25,000 maps have been produced and distributed all over Manchester including 10,000 directly to residential apartments and hotels and 5,000 into bars, restaurants, cafes and the Tourist Information Centre. A further 10,000 maps will be distributed in September at Fresher‘s Fairs and student accommodation.

The invaluable guide will inform on retailers, bars, cafes, restaurants and professional services who call Manchester‘s Northern Quarter home; handy if you‘re not familiar with the intricate maze of backstreets in the area. So many unique businesses have set up in Manchester‘s creative scene and all too often they don‘t get the foot traffic they deserve as people are sometimes unfamiliar with this part of the city. Large aims to change that and drive a whole host of new people to the area and deliver more customers to its neighbours.

Kelly Byrne, owner and editor of Large Publishing is seemingly Manchester‘s biggest fan. Her publications, Large Manchester and Large Students aim to provide informative, useable monthly reads for the local community where readers will also find an abundance of reviews, special offers and competitions tailored towards making daily life in Manchester that little bit more exciting. She comments, “The Northern Quarter Map is another way for us to communicate what‘s on offer in our unique city.

“When I set up in the Northern Quarter, one of my biggest challenges was directing people to my office; so many people got lost. The neighbouring businesses needn‘t face that difficulty anymore because as well as being highlighted on the map they also get a directory listing so visitors can always get in touch one way or another.”

Businesses that have taken advantage of this fantastic initiative include Affleck‘s Palace, Manchester Photographic Gallery, Sunshine Studios, Funkademia, The English Lounge and a whole host of other independent businesses. The Northern Quarter Map will be produced annually and a Large Students version focusing on the Oxford Road corridor and Fallowfield is in production ready for September.
Pick up one of these maps today along with the latest editions of the magazines in most parts of Manchester city centre or for more information contact the main office on 0161 235 7270.

www.largemanchester.com

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