It is time to spend money on your holiday cottage! Not because I am suggesting its tatty or anything – just because 2009-10 is the last tax year that you can offset your losses from your holiday letting against other taxable income that you may have. This could make a huge difference to your tax bill and save you thousands of pounds into the bargain – something we are all keen to do! So if you were thinking of spending money on a new sofa, kitchen or even a re-paint money spent before 5th April 2010 will be able to be offset and money spend after that will not. If you need more information on this, let us know.