How much of a tax refund could you receive?
The amount of tax refund you could receive is based upon a number of things. We have prepared the below to give you an idea of how much you may expect. However, you first need to ask yourself the next three questions:
- Do you rent your static caravan or lodge to third parties at a commercial rate?
- Are you self-employed, employed, or do you receive a pension?
- Do you pay tax on your income?
If you have answered yes to all of the above you should be declaring your rental income to HMRC. However you may, in certain circumstances be entitled to claim a tax refund. To get an estimate of how much this could be, please see below.
The following estimates are based on a basic rate tax payer (total earnings before tax of up to £42,000), with an estimated adjustment for the private usage of the caravan or lodge of 12%.
Caravan cost Estimated Tax refund
£15,000 – £25,000 Between £475 and £792
£25,001- £35000 Up to £1108
£35,001 + In excess of £1109
These figures may differ if a profit is generated i.e. your income exceeds the expenses.
DISCLAIMER: These calculations are computer generated and are for illustration purposes only as each individual candidate is subject to their own personal circumstances.