Background
Smythen Farm is a complex of furnished self-catering holiday cottages on the edge of Exmoor National Park, North Devon. The country retreat offers nine cottages which all boast beautiful coastal views. Further onsite facilities include an 18-acre recreation field, a large outdoor play area, a game complex plus a heated indoor swimming pool and hot tub. The current owners purchased the property in February 2010 for £1,100,000.
£272,000
Capital allowances uncovered
£114,000
Unlocked in total tax savings
£10,000
Cash rebate (after fees)
What owners Mr & Mrs Carless said . . .
“Wow . . . I can’t fault them in any way. It is not often you receive a call that leads to over 100K in tax savings. Well that’s what happened. Fantastic service, great people to deal with and a speedy outcome''
Overview of the claim
Following a call from one of our claims specialists, Mr & Mrs Carless were overjoyed when they found out our team could unlock thousands of pounds of tax savings hidden in their property. The call brought further welcomed news, revealing that as no previous capital allowances claim had been completed, they were eligible to reclaim a substantial amount of tax relief for the embedded fixtures within their nine cottages and other onsite buildings.
Qualifying items
The following week, a qualified in-house surveyor visited the property and completed a technical site survey valuing the full scope of eligible qualifying items including: electrical, heating and ventilation systems, hot and cold water, kitchens, sanitaryware, fire security systems and telecommunications. These unclaimed allowances amounted to £114k in total tax savings and generated a cash repayment of almost £10,000 in addition to wiping out the owners’ next tax bill. It took less than 4 weeks from the initial phone call from our team for the owners to receive their refund from HMRC.
Our associations
We bring our specialist knowledge to the sector through our associations and memberships with: - Short Stay Accommodation Association - Association of Scottish Self Caterers - Professional Association of Self Caterers