Holiday Let in Torquay
A charming holiday let nestled in the coastal retreat of Torquay underwent a comprehensive assessment by HMA Tax. Our thorough analysis unveiled significant unclaimed Capital Allowances, providing substantial tax relief for the property owner.
Capital Allowance claim for an idyllic holiday let in Torquay.
In 2021, an enthusiastic property investor engaged HMA Tax to assess a delightful holiday let property in Torquay, acquired for £550,000. The property had undergone enhancements to create a perfect getaway, and while the owner’s accountant had initiated some claims items such as beds and other furniture, uncertainties lingered about the full utilisation of available Capital Allowances on qualifiying items.
Our Approach
Our Team began the process of identifying Capital Allowances for the holiday let property owner. We reviewed the renovation expenses, leading to the identification of £137,500 in unclaimed Capital Allowances, representing 25% of the property’s purchase price.
Leveraging our knowledge of Capital Allowances, we presented a detailed report outlining eligible assets and their associated values for potential claims. Collaborating closely with the property owner’s accountants, we ensured the tax savings were maximised through seamless liaison with HMRC.
Thanks to the specialised expertise of HMA Tax, the holiday let property owner achieved substantial tax savings by claiming £137,500 in unclaimed allowances. The resultant tax relief amounted to an impressive £27,500.