As part of the service The Highland Club Scotland provides, we endeavor to keep owners informed of any matters that may affect their ownership and/or usage of their holiday let’s marketed by us.
One of the owner’s, Miss Lesley Alberici, whose property we market, recently contacted us regarding a holiday let owner’s ability to recover tax from Her Majesties Revenue & Customs (HMRC) in respect of their ownership of their Furnished Holiday Let property.
Having made some initial enquires ourselves about this opportunity; we consider this could be of benefit to other owners, subject to them being eligible.
Lesley has furnished us with the following over-view and attachment for your attention:
Lesley is an authorized agent for Portal Tax Claims the largest and most reputable capital allowance claims Company in the UK who specialize in this complex niche area of accountancy law in providing potential owners of the above types of properties the ability to make a capital allowance claim and, even more importantly, recover tax from HMRC.
This is a statutory right and is set out under the Capital Allowances Act 2001, and further extends to:
• Commercial Property* (leasehold and freehold) in the UK,
• Houses in Multi Occupation* (HMO’s/student let’s) and
• Furnished Holiday Let’s in the UK (and abroad in the EEA).
Lesley has already submitted a number of applications for claims to HMRC on behalf of other FHL owners at The Highland Club in respect their FHL apartments, where they may be eligible to claim from HMRC tens of thousands of pounds in identified capital allowances against their properties, which they would not have been aware of if I had not advised them of this opportunity.
An average capital allowance claim for a FHL is worth 25% the purchase price of the property, with a minimum purchase price of £300,000. There is however some flexibility by Portal Tax Claims in making a claim at a lesser purchase price where there may be multiple owners in the same development (as is the case with the Highland Club) who wish to make a claim, or where the same owner has a number of properties that can be assessed within one claim.
HMRC have advised that 96% of commercial property owners just in the UK have not submitted a claim*, which (with all due respect) demonstrates the extent of the lack of knowledge and expertise of many accountants in this very specialist area of tax law. Therefore, should you speak to an accountant about this opportunity, please bear this in mind, as some accountants have attempted to suggest to their clients’ they would not be entitled to make a claim, or it would not be appropriate, or their client has already made a similar claim; only for the claimants’ to find their accountant was not necessarily correct and that they were in fact eligible when HMRC accepted the claim and arranged a tax refund.
In the case of any other types of commercial property, as listed above, I can discuss separately the eligibility in making a claim on any of these, where an average capital allowance claim is worth 35%-40% of the purchase price of the property.
Once instructed, we will validate a potential claim and provide a full report for submission to HMRC by the claimant and their accountants who we will work closely with. There are NO UP-FRONT FEES and as part of the claim validation process there is a free RICS qualified Quantity Surveyors report on the property. This is how confident Portal Tax Claims are in their reports, with a 100% success track record in all of the 1500 claims to date submitted to HMRC.
We operate three payment options for payment of the report fees, one of these being on a no claim - no fee** basis. Therefore, what has an owner to lose? They could reclaim tens of thousands of pounds from the tax man without paying a penny until their claim and tax refund is completed by HMRC.
Attached is a client brochure which sets out some basic information and there is also the Portal Tax Claims web site which provides more detail www.portaltaxclaims.com
Please email Lesley on l.alberici@portaltaxclaims.com or call her on 07868 323218 if you wish to discuss your eligibility in making a claim for your FHL at The Highland Club (or any other FHL or commercial property). You would not be making any commitment at this stage, and your enquiry will be treated with the strictest of confidence.
*Min. Purchase price £200,000
**Portal Tax Claims payment options 2 & 3 are subject to conditions
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