Holiday Let in Whitby
A charming holiday let property located in Whitby was purchased for £210,000 in 2022. Delving deep into the property's details, the HMA Tax team discovered £42,000 in unclaimed Capital Allowances.
Capital Allowance claim for a coastal holiday let in Whitby
In 2022, a seasoned property investor approached HMA Tax with a recently acquired holiday let situated in the picturesque town of Whitby. They had purchased this seaside property for £210,000 with plans to offer it to tourists and visitors yearning for a coastal escape.
Aware of the potential for Capital Allowances but uncertain of how to navigate the intricacies, the investor reached out to us for a detailed examination of the property and its potential claims.
Our Approach
Our team at HMA Tax, drawing from extensive experience with holiday let properties, embarked on a comprehensive review of the Whitby property.
- Detailed Property Examination: We undertook a thorough assessment of the property, identifying all the fixtures and assets that could qualify for Capital Allowances.
- Analysis & Reporting: Our in-depth analysis revealed that a significant portion of the property’s purchase price, equating to £42,000, was attributable to assets qualifying for Capital Allowances. We then prepared a detailed report for the investor, highlighting the discovered assets and the potential claimable values.
- Claim Procedure: In collaboration with the investor’s accountants, we facilitated the preparation of all required documentation. Our dedicated team liaised with HMRC, ensuring the claim process was seamless and efficient.
With HMA Tax’s expertise, the holiday let owner successfully claimed £42,000 in unclaimed Capital Allowances, achieving considerable tax savings. This fiscal relief played a vital role in the owner’s decision to further enhance the property’s amenities, elevating the experience for future guests.