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.
Capital allowances uncovered
Unlocked in total tax savings
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 advised him not to proceed, however, undeterred Mr Joce sought the opinion of a second accountant who confirmed that this was a complex area of taxation which an accountant cannot provide and often overlook. Realising he had nothing to lose, he opted to proceed.
A free site survey was conducted, uncovering a substantial quantity of previously unclaimed capital allowances amounting to almost £600,000. 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 nearly £250,000 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.
We bring our specialist knowledge to the sector through our associations and memberships with: - National Holiday & Home Parks Alliance (NH&HPA) - Michael Paul's Holidays