About The Claim
The claim involved an extensive renovation to convert a dilapidated property in Wales into a high-quality 6-star furnished holiday let, consisting of 11 bedrooms, a swimming pool and a children’s pool. As the renovations crossed several accounting periods, it was necessary to analyse the expenditure in the correct periods to avoid over claiming in certain years when allocating qualifying costs to Annual Investment Allowance (AIA) and Super-deduction allowance.
Our Approach
We initiated the process with a thorough review of the information provided, ensuring a solid foundation was put in place to base the claim on. Following this, we prepared a proposal outlining the potential tax-saving benefits, setting clear expectations for the client.
One of the most important parts of our process involved a detailed survey of the property, conducted to create a comprehensive inventory of items. Our surveyors then provided accurate valuations to these items, contributing to a precise analysis by our technical department. This analysis carefully distinguished claimable and non-claimable items, considering various available allowances, including AIA and Super-deduction.
We maintained open communication with the client, actively involving them in the process. The final reports, prepared only after thorough agreement and any necessary tax returns adjustments, reflected the success of our collaborative and detailed approach.
We were able to formulate a claim above initial expectations, with the result of a happy client. A fee structure was put together to suit the clients needs and this is something we consider with all our clients, we don’t want anyone to be out of pocket.
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Swimming pool installation
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Replacement of double-glazed windows
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Boiler
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Art feature (décor)
An observation from our Claims Analyst, Christine Hunter...
“The client provided an expenditure spreadsheet, however, the lack of detail highlighted the importance of a detailed property survey. A survey not only enhanced the capital allowances available but also ensured a more accurate claim. This shows the significance of investing time and resources in a comprehensive property assessment to optimise tax benefits.”
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