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