Posts from August 2018

What does the “Requirement to Correct” mean? 
 
The Requirement to Correct rule was enforced by the HMRC to prove the opportunity to taxpayers that possess assets overseas to correct any issues or genuine mistakes causing them to fail to declare the correct amount of tax owed. 
There are special tax rules for rental income from properties that qualify as Furnished Holiday Lettings (FHLs). 
 
To qualify as Furnished Holiday Letting, the property must be furnished. There must be sufficient furniture provided for normal occupation and your visitors must be entitled to use the furniture. 
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