Serviced Apartments, Holiday-Lets & Student-Lets
Helping you understand the tax savings that can be made on your serviced apartments, holiday-lets and student-lets through capital allowances.
Did you know?
Are you aware that you can claim (Property Capital Allowances) for Serviced Apartments, Student-Lets, Multi-Lets & Holiday Lets?
The lettings industry can claim for all the “assets” in the communal/non-dwelling areas of their letting properties.
This is usually 10% – 25% of the purchase price and development/improvement costs.
Property Capital Allowances for Serviced Accommodation, Holiday-lets & Student-lets.
If you own these types of property, you can usually claim Property Capital Allowances even if bought after 2014 and no claim was pursued at the point of the sales contract (i.e. separate rules apply to these classifications of property) As a firm of Chartered accountants who specialise in this area, we can virtually guarantee you that you are missing out on tax rebates from HMRC if you have not had a full Property Capital Allowance survey on your properties.
If you would like to know more, click here to get in touch with us.
Who Can Claim?
You must be a UK tax payer and be paying tax. Typically, you will receive a rebate against your last year’s tax, you will then be able to offset the Allowances against this year’s tax bill and if there is any excess, carry that forward to mitigate your future tax bills.
Q. Surely they have been claimed by myself or my accountant against all the invoices I have already paid and claimed for in improving my Serviced Apartments, Holiday Let or Student-let?
The answer is NO!
Unless you have had a survey report from an experienced Property Capital Allowance organisation (usually 12-15 pages with photographs and the list of everything quantified and claimable) then you have definitely NOT claimed all the Property Capital Allowances you are entitled to. These allowances have been enshrined in law since 1878 and are available to be claimed by commercial property owners.
Our message is simple: Talk to us now to start saving tax!
Examples of Savings Generated
Purchase Price: £565,000
Capital Allowances: £71,017
Tax Saved: £14,150
Purchase Price: £305,000
Capital Allowances: £36,619
Tax Saved: £15,673
Purchase Price: £311,250
Capital Allowances: £44,339
Tax Saved: £18,800
Purchase Price: £305,000
Capital Allowances: £28,325
Tax Saved: £12,123
Purchase Price: £350,000
Capital Allowances: £71,357
Tax Saved: £30,541
Purchase Price: £276,500
Capital Allowances: £34,919
Tax Saved: £14,806
Here are some more recent examples
| Total Cost | Property Capital Allowances | Tax Saved | |
|---|---|---|---|
| Mr. T | £136,000 | £10,880 | £2,176 |
| Mr M | £331,000 | £26,480 | £5,561 |
| Mrs E | £365,000 | £35,000 | £8,750 |
| Mr D | £687,000 | £63,400 | £25,300 |
These are all net figures after paying our fees, which are a small percentage of the Property Capital Allowances identified.
If there are no savings to be made there is no fee. Let us show you how: Answer just 6 questions and we will send you a no obligation illustration of your likely tax savings.
Give us a call now on 0191 586 1615 to see if we can help you save on your tax liability or click here to complete the enquiry form.
Testimonials
Along with all of the individuals and businesses we’ve helped over the years, we’ve also worked with nearly 1,000 accountants since we were established, helping their clients submit Capital Allowance claims on their Commercial / HMO properties. Many now refer their clients to us, as a matter of course.
Check out what some of them have to say below…
Request a Call Back
If you would like to discuss the tax savings we can make you or understand more about the process simply complete the form below and our team will get back to you as soon as possible.