About the claim
Our client purchased a Furnished Holiday Let (FHL) in Corsica in 2004. The property, that was in a good conidition, was acquired personally.
As the property was already well furnished as a holiday let, there had been no major work undertaken to the property since the date of purchase.
Our process highlighted the fixtures, fittings & features that qualified for tax relief which were embedded within the property when it was bought.
The client had been paying income tax against the income generated from the holiday let. Our claim resulted in a refund of tax being generated from HMRC and the accountant using the Capital Allowances to reduced their clients tax liabities over the coming years.
Accommodation that qualifies as a Furnished Holiday Let
To qualify as an FHL your property must be:
In the UK or in the European Economic Area (EEA)
the EEA includes Iceland, Liechtenstein and Norway.
there must be sufficient furniture provided for normal occupation and your visitors must be entitled to use the furniture
The property must be commercially let (you must intend to make a profit). If you let the property out of season to cover costs but did not make a profit, the letting will still be treated as commercial.
There are no upfront costs. Our fees are a % of the claim we secure and purely contingent based on success, therefore, if no savings are found, there is no cost.