If you, or your business has purchased a commercial property (including a Furnished Holiday Let) then you may be entitled to claim capital allowances tax relief on a proportion of your expenditure. This article briefly explains how the relief works, and how we can help you identify whether a claim can be made.
Capital allowances are a form of tax relief available to businesses who incur expenditure on acquiring, constructing or fitting out commercial property. It acts as a substitute for accounting depreciation (which for tax purposes is non-deductible).
Items of expenditure which typically qualify for the relief include:
Our experience shows that capital allowances are often overlooked when a commercial property is acquired. Owners are either unaware that they are eligible to make a claim, or assume that their accountant would have automatically dealt with it.
Unfortunately as these types of claims require specialist skills (for example, property valuations expertise) most accountants would have been unable to deal with the claims by themselves. The good news is that provided you still own the items in question, it is possible that a claim can still be made.
Forbes Dawson offers a full capital allowances review service. Working with various firms of surveyors, we have assisted a wide range of businesses in making claims, in many cases resulting in large tax repayments.
Our five step process involves:
Capital allowances are potentially available provided the person who owns the property (i.e. you or your business):
We will only charge you a fixed percentage of the amount we identify as qualifying for capital allowances i.e. if there is no claim to be made, then there will be no cost to bear.
Please contact us for further information, and a free consultation.
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|Note: the above examples are for illustrative purposes only. The level of savings depend on your own circumstances and tax position.|
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