Brilliant Solutions

The office will be closed from 5pm today for staff training, open as normal tomorrow. 

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

West One Update

Below is an update from West One, the Bridging, BTL, Commercial, and Seconds Mortgage lender, that you can access via our specialist mortgage team.  Contact our team today for more information.

Announcement

Benefits of investing in holiday-lets

While the pandemic may have accelerated the rise of staycations in the UK, there are a number of other factors at play that suggest the boom in staycations are here to stay from Brexit to a rise in sustainable tours! Here, West One look at some of the potential benefits of investing in a holiday let…

  • The cost of furnishing a holiday rental can be deducted from the pre-tax profits.
  • Self-catering accommodation may be subject to Business Rate property tax, which would allow the investor to claim small business rate relief, instead of paying council tax.
  • If an investor decides to sell their property, they will be able to claim certain Capital Gains Tax reliefs including Entrepreneur’s Relief, Business Asset Rollover Relief and Gift Hold-Over Relief.
  • Income generated from a holiday rental is classed as ‘relevant earnings’ which means you can make contributions towards your pension and reduce your income tax bill.
  • Married couples can divide the profits from a furnished holiday let however they choose, regardless of the ownership split.
  • There is the potential for higher profit margins as the daily and weekly charges for holiday lets are considerably higher than traditional buy-to-lets.

Financing a holiday-let with West One

Our specialist buy-to-let product range is available for existing or first-time landlords wishing to finance holiday lets in their personal names or through a limited company SPV.

Key features of our Holiday Let mortgages:

  • We lend to first time landlords with no holiday letting experience.
  • Available to individuals, limited companies, and expats.
  • No minimum income.
  • We can accommodate short term lets and serviced accommodation (Airbnb) which means the property does not have to be in a typical holiday destination.
  • Holiday lets are assessed on an AST rental basis.
  • The property must be suitable for standard AST rental.

If you have a client looking to purchase or remortgage a holiday buy-to-let, please contact your BDM or the broker support team on 0333 123 4556 or email [email protected].

Generic information is contained within this article and each individual’s tax affairs are different, further advice should be sought from an accountant.

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