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If you own a holiday home either in the United Kingdom or within Central Europe, you are probably sitting on a Capital Allowance claim worth tens of thousands of pounds.
If you can answer yes to all three of these questions, you are almost certainly sitting on a tax refund:
- Was the purchase cost over £200,000?
- Do you let the property for at least 70 days per year?
- Do you submit a UK Self-Assessment Tax Return?
Foreign Holiday Let count too!
Following the April 2009 Budget the tax advantages of Furnished Holiday Let status have been extended to cover properties within the European Economic Area - meaning your villa in Spain, Cyprus or Italy qualifies for tax relief which could save you tens of thousands in income tax.
For the first time, owners of European Foreign Holiday Lets can claim capital allowances. However, there is only a limited time period to take advantage of this opportunity so owners must act swiftly.
If your FHL is situated in the European Economic Area, was acquired for more than £200,000 and is available for commercial letting and you are a UK taxpayer then you are just a few steps away from a potential tax rebate.
Applicable countries are: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden
Contact us now for further information
An up-front survey fee applies for Holiday Let claims. The cost is £595 inc VAT for UK properties and £995 inc VAT within the European Economic Area. This fee is not refundable except in cases where our Accountancy partners decline a case
