Capital Allowances Tips From Your Richmond Accountants.
Although the weather is starting to improve, as accountants in Richmond we are more than aware of the public’s desire to get away to that perfect holiday home. However, did you know that if you owned a property that was eligible to be let as a furnished holiday home (FHL) for at least 105 days per year, that you could claim property capital allowance on the following fixtures!
Key Considerations
– Bathroom fittings – Dishwashers – Fridge-freezer – Central heating – Fitted carpets – Curtains – Fixed furniture – Swimming pool
If your property does qualify as a FHL you can also claim tax relief for all of the equipment included in and attached to the property (which qualifies as integral features). FHL properties have advantageous tax rules that permit capital allowances to be claimed for the cost of equipment used in the building, which is not the case for other let residential property. If your property is used for private purposes your capital allowance claim must reflect that private use and be sent for approval with your yearly tax return.
If you don’t claim, you don’t get the tax relief. Harnett Accountants in Richmond are here to advice and inform so stay tuned for more helpful accounting tips. Or why not ?!
Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.