The Old Mill is a Grade II Windmill that has been renovated into a beautiful holiday home. The historic character of the property has been preserved through the inclusion of many former workings including the original mill stone. Hall Farmhouse is an elegant period farmhouse set in a one-acre garden and surrounded with stunning views. Located in Norfolk, the holiday homes were purchased for a total of £972,000.
Capital allowances uncovered
Unlocked in total tax savings
What owners Mr & Mrs Coyne said . . .
“Zeal were incredibly easy to deal with, polite, friendly and extremely efficient. The process was quick and smooth and we got a very handsome tax refund from HMRC and considerable tax credits for the coming years. We are amazed and extremely grateful. Literally cannot recommend them highly enough.”
Overview of the claim
After hearing about Zeal through the Professional Association of Self-Caterers (PASC), the owners of The Old Mill and Hall Farmhouse contacted our team. As the properties were previously used for residential purposes, we were able to quickly determine that both buildings qualified to claim tax relief for the costs relating to the purchase and extension of the holiday homes.
As detailed records of the refurbishment were not fully available, a specialist surveyor from Zeal visited the site to assess the cost of the works and all qualifying expenditure. A technical site survey revealed tax relief could be claimed on items including electric, heating, ventilation and water systems, kitchens, sanitaryware, fire and security alarms and telecommunications. £250,000 in unclaimed allowances was identified which generated £100,000 in tax savings for the owners. In addition, Zeal was able to reduce the taxable holiday let profits by 95%, generating an immediate cash refund of £8,000 from HMRC.
We bring our specialist knowledge to the sector through our associations and memberships with: - Sykes Holiday Cottages - Association of Scottish Self Caterers - Professional Association of Self Caterers