Holiday Let - £270,000 Tax Free Income


Based on the Isle of Skye these two holiday homes did not disappoint with just over £270,000 in capital allowances identified.


In case you are not aware capital allowances are sums of money you can deduct from your profits in order to lower your tax bill and as you will see below this can be a lucrative exercise if you own a holiday home.



Claim Details


Purchase Price - £295,000

Purchase Date - 2010

Capital Allowances - £116,000

Total Tax Relief - £33,640





Claim Details


New Build Cost - £400,000

Build Date - 2012

Capital Allowances - £156,500

Total Tax Relief - £45,385




Items of plant within these properties that attracted tax relief were kitchen and bathroom suites, heating systems, electrical and lighting installations, window blinds, smoke alarms, carpets, external security lighting and more.


Capital allowances are a great source of tax relief for holiday home owners and by not looking in to this HMRC incentive you are more than likely missing out on average of £160,000 in tax free income.


To find out more download the brochure here - https://www.jamesnazir.com/download-the-guide


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James Nazir & Co - Tax Specialists and Fixed Asset Surveyors

0843 005 9711

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JAMES NAZIR & CO - CAPITAL ALLOWANCES

The Innovation Centre

Maidstone Road

Rochester

Kent

ME5 9FD

0843 005 9711

© James Nazir Limited. Company Number. 10018666

VAT Number - 296 2020 08

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