Background
Tencreek is a popular Cornwall holiday park near Looe. On the south coast, Tencreek guarantees sea views no matter where you stay in the park and offers modern holiday caravans plus pitches for camping and touring caravans.
Onsite facilities include a clubhouse, indoor heated swimming pool with changing facilities, a reception, convenience store, playground, shower and toilet blocks and a laundrette. The site was purchased for £2,400,000 in 1985.
£592,000
Capital allowances uncovered
£248,000
Unlocked in total tax savings
£25,000
Cash rebate (after fees)
What owner Mr Joce said . . .
"I had never heard of embedded capital allowances claims on Holiday Parks before and I’m glad I ignored my accountant's advice initially. The process was hassle-free, securing my pool of tax savings and cash rebate swiftly, which I was delighted to receive. I would encourage all park owners to speak with them!"
Overview of the claim
Mr Joce thought it was ‘too good to be true’ after our team informed him of the hundreds of thousands of pounds in tax savings he was entitled to claim. Unfortunately, Mr Joce’s accountant was unfamiliar with this specialist capital allowances claim and initially advised him not to proceed, however, Mr Joce sought the opinion of a second accountant who confirmed that this was a complex area of taxation that was often overlooked as it is not a service an accountant can provide. Realising he had nothing to lose, he opted to proceed.
Qualifying items
A free site survey was conducted, uncovering a substantial quantity of previously unclaimed capital allowances amounting to £592,000. Qualifying expenditure included electric, gas, water, ventilation and sewerage mains in addition to water connection points, electric hook-ups, bases and waste disposal facilities plus the cost of excavation and construction for a swimming pool. This generated over £248,000 In future tax savings for the owner plus a cash rebate of £25,000 after fees. Additionally, Mr Joce’s next tax bill was reduced by £15,000.