Could you be missing out on tax relief? Unlock the unclaimed tax savings in your short-term let, before it's too late!
Many short-term let owners . . .
. . . believe that they have claimed all their capital allowances and are totally unaware of this extra level of tax relief available to them on embedded ‘fixtures’ in the fabric of their property. This includes heating and electric systems, kitchens, bathrooms and more.
This tax relief can be claimed on part of the original purchase price or construction cost of the building, and can generate significant tax savings. You could also be entitled to reclaim tax paid as a cash rebate. Capital allowances can also be claimed on the embedded fixtures that are installed during refurbishment and conversion costs. There is no time limit to claim, as long as you still own the property.
With the change in rules approaching, now is the time to review your capital allowances and ensure you have not missed a claim.
Zeal are working with Pass The Keys to ensure all short-term let owners take advantage of this tax relief, before it’s too late.
Further Information . . .
As the legislation for this tax relief is extremely complex, quantity surveyors and capital allowances specialists (like Zeal), are required to determine the qualifying expenditure. It is therefore not a service a general accountant can typically provide.
Even if your accountant is certain this claim has been made on your property, it is very likely our team will be able to identify missed qualifying expenditure and enhance your claim. You could still be missing out on thousands of pounds!
If you meet the qualifying criteria, a capital allowances claim on these fixtures could unlock substantial tax savings for you. In most cases, we find 20%-30% of the cost incurred as qualifying for tax relief.
On average this amounts to £25,000 in tax savings per property. You could also be entitled to reclaim tax paid in previous years as a cash rebate from HMRC.
Zeal could help you:
+ Reduce or even completely eliminate your next tax bill.
+ Generate a cash repayment for any tax you have unknowingly overpaid.
+ Unlock thousands of pounds in tax savings to mitigate future HMRC payments.
You likely meet the Government criteria to qualify for a tax relief claim if:
> You’re an individual, partnership or company who own a short term let property.
> Your property is available to let for more than 210 days a year, is actually let for more than 105 days per year and is not let for more than 31 consecutive days to the same person.
> You pay in tax in the UK or are expecting to.Â
> The property was purchased, built or refurbished for £100,000+ and is located in the UK or EU.
Simply put, if you were able to pick up your building and turn it upside down, the ’embedded fixtures’ are the items that would not fall out.
Fixtures that qualify for tax relief can include electrical, heating and ventilation systems, water pipework and drainage, kitchens and bathrooms, carpets, flooring, alarms and much more.
Our team typically identify 20%-30% of the price paid to purchase, refurbish or build the property in unclaimed allowances.
Zeal – The experts in Short-Term Let taxation.
With unrivalled industry knowledge and expertise in short-term let taxes and capital allowances, Zeal are the go-to tax experts in the sector, and are the trusted partner of key industry leaders including Pass The Keys, PASC UK, Sykes Holiday Cottages and The Holiday Cottage Handbook (to name just a few).
As Chartered Tax Advisors and Capital Allowances Surveyors, Zeal specialise in helping short-term let owners uncover the unclaimed tax savings in their properties and can help you navigate the intricacies of capital allowances tax relief.
Our experts will guide you through the process of identifying missed tax savings through unclaimed capital allowances, and ensure you get the full benefit of what’s available to you, before the FHL tax rules change. This could mean significant financial advantages for your holiday let business.
To help ensure short-term let and serviced accommodation owners take advantage of the tax relief available to them before it’s too late, Zeal are offering a free review to help you identify if you have unclaimed capital allowances in your property.
To get started, contact Zeal!
01633 499491
support@gozeal.co.uk
Watch our short explainer video - it sums everything up perfectly!
Reclaim thousands in tax relief from HMRC!
We can help you reduce or even eliminate your next tax bill and unlock thousands in future tax savings. Many of our clients also receive a cash tax rebate from HMRC.
Our in-house specialists do all the work for you!
We lead the way from the first discussion, through the whole process until you
receive your tax savings from HMRC. We need very little of your time, or your accountants, and complete claims in a few weeks.Â
There’s no cost to uncover how much you're entitled to!
We offer a risk-free service with no upfront fees and carry out a building survey to uncover every qualifying fixture, all at no cost to you. You only pay our fee if your claim is successful.Â
You might also be interested in . . .
Our Client Map
Take a look at the business owners near you we've already helped!
Case Studies
Have a look at how much similar property owners have claimed.
See Our Reviews
We are rated 'Excellent' on Trustpilot by our clients!
Tax-Deductible Expenses Guide
A helpful list of 'Tax-Deductible Expenses' for short term let owners.
Holiday Let Tax Tips
A short presentation containing tax tips and pitfalls for holiday let owners.
Holiday Let Tax Articles
Find useful information about holiday let taxation in our published articles.
Get An Estimate
Our calculator can give you a free estimate of how much tax relief you could be entitled to.