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Holiday Let Owners – Are you sitting on unclaimed tax relief?

Holiday Let Owners - Are you sitting on unclaimed tax relief?

Did you know that you can reclaim between 20% – 40% of the price paid to purchase, refurbish or build your holiday let?

Bookalet have teamed up with Zeal to help our holiday let owners benefit from a specialist tax relief on the ‘embedded fixtures’ found in and under their property.

Owners making this claim are saving on average around £25,000 per property!

As one of the best kept secrets in property tax, this is a genuine HMRC tax relief that can be claimed by qualifying holiday let owners. As this is not a service an accountant would provide, most holiday let owners aren’t aware of the tax savings they are sitting on.

If you own a holiday let, it’s likely that your property meets the Government criteria, and therefore, UK tax legislation entitles you to claim a tax allowance for the ‘embedded fixtures’ purchased with or installed in the building.

Claims can still be made now, even if you bought the property or refurbished it several years ago. This can result in cash tax rebates and significantly reduce or even eliminate future tax payments.

An embedded fixture is essentially anything that would not fall out if the building was tipped upside down, including; electric and heating systems, water pipework, kitchens, bathrooms, security systems etc.

Identifying these hidden fixtures requires specific tax knowledge, coupled with surveying and valuation skills that are not typically found in accountancy practices. Due to this, it is unlikely your accountant would have already claimed this tax relief unless they used a specialist firm like Zeal.
As Chartered Tax Advisors specialising in Embedded Capital Allowances, Zeal’s experts work alongside accountants to help them maximise the tax savings available to their clients. Much like a GP would refer you to a medical specialist (such as a radiologist), sometimes accountants need support from tax specialists to ensure you get the best possible outcome. That’s where we come in.
Got 2 minutes to spare? Watch our explainer video for more info.

Zeal are the ‘go-to’ experts for making this type of claim.

The team is made up of dedicated tax specialists and in-house surveying experts. They delve deep into your property investments to uncover every item that would qualify for tax relief. They have helped businesses all over the UK recover £millions from HMRC.

Most of their clients did not realise they were eligible for tax savings before Zeal helped them. In most cases, they are happy to work on a success fee basis and offer a free initial consultation. Unfortunately, not every property is eligible for tax relief. However, Zeal’s specialists will be happy to find out if your property would qualify.

What qualifies as a holiday let for tax purposes?

• The property owner pays tax in the UK.

• There must be sufficient furniture provided for normal occupation.

• The property must be let commercially i.e. with the intention of making a profit.

• Not let to the same person for 31 days of more.

• Must be available to let for 210 days a year.

• Must be actually let for 105 days a year.

Get a quick quote!

Why not get a quick estimate of how much tax relief you could be owed for unclaimed allowances in your holiday let property using our Capital Allowances calculator!

To find out more about our specialist tax service
book a free consultation

Or call 01633 499801 for FREE tax advice

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