"The average saving is £32,000 and in most cases a HMRC tax credit is due"
We work with holiday let owners, Airbnb and BDC hosts across the UK and EEA (European Economic Area) and whether your holiday let is in St Ives, French Alps or the Spanish Riviera, you can benefit from reduced tax bills and a HMRC tax credit by using capital allowances.
James Nazir & Co are recognised as the go to specialist when it comes to capital allowances on holiday homes and we can guide you through the process in order to obtain your right to claim this relief.
Start your claim for capital allowances today and find out how much you can save.
In order to benefit from Capital Allowances you must ensure you meet the following:- Intended for use by ‘for profit’ business Must incur qualifying capital expenditure Must have a qualifying trade (i.e holiday let) Must have relevant land interest Must be UK taxpayer Property types include: Holiday homes, holiday lets, lodges, villas, apartments and more
HMRC have set a strict criteria that needs to be passed in order to enjoy the benefits that come with owning a successful FHL.
The property needs to be advertised for let for 210+ days per year
The property needs to be let for105+ days per year
No guests to stay longer than 31 days
There are certain elections we can use to qualify you as a FHL business should the above not be met.
How we can help your FHL business with capital allowances:-
Reduced tax bills
Increased cashflow
Capital injection
HMRC tax credit
Retain more profits
Put simply, if you have purchased, refurbished or built a holiday let in the U.K or EEA, pay tax and have guests staying throughout the year, you could qualify to make a capital allowances claim and save on average £32,000.
