If you own a holiday home or even a number of them and you pay tax on the income from those holiday homes in the UK, then you could be missing out on a tax allowance that is enshrined in tax statute and yours by right – you just need to know how to quantify it. Providing your holiday home(s) is available to be let for at least 210 days per year and is actually let for at least 105 days per year, you could have a strong claim for Embedded Capital Allowances. As the name suggests, these are items embedded in the property and forming part of its overall value when you bought it but that are able to be moved if necessary. It covers things such as radiators, heating systems, air conditioning, bathroom and toilet fittings, kitchens, security systems and much more.
Won’t my accountant have already done this?
We get asked this nearly every time we ask owners if they have claimed their capital allowances. If your accountant has not arranged for your property to be surveyed since you bought it and made any changes to it, then, they have not completed a claim for capital allowances.
For more information we recommend you contact Alan Cadden at Cavetta Consulting
0141 432 0056
Download their useful Cavetta-Consulting-Capital-Allowances