With July marking the second payment on account deadline for many self-assessment taxpayers, now is a critical time for holiday let owners to explore making a capital allowances claim. These claims can unlock significant tax relief by identifying qualifying expenditure embedded within your Holiday Let—such as heating systems, electrical installations, and fixtures. Items that were already in the property when in was purchased can qualify, and essential to identifying them are surveyors, not accountants. By securing these allowances now, owners can reduce their tax liability for the current year, which may in turn reduce or even eliminate their upcoming July payment on account to HMRC.
For those who have already made their first payment on account in January, a successful capital allowances claim could lead to a tax recalculation that lowers their overall bill for the 2024/25 tax year. If this results in an overpayment, it may generate a cash rebate. Acting now ensures holiday let owners not only maximise their available tax relief but also improves cash flow during these peak operational months, with very little input required. Eureka!
Contact Eureka Capital Allowances for a free review on 02922 80 3333 or office@eureka-moment.co.uk
