Over 50% of commercial property owners have not made a capital allowances claim – are you one of them? With up to 40% of a building being tax relievable, this is the time to look at your portfolio and ask if you are eligible to claim – if you don’t ask you won’t know.
Lack of expertise is often the reason many accountants shy away from this as these claims are over and above your usual compliance work and as it is rare, and difficult, thanks to complex legislation, for all available capital allowances to be easily identified ( meaning you are often paying more tax than you need to)
Our recommended provider Garbutt + Elliott have a team of capital allowances specialists,
- have their own surveyor,
- will make non-chargeable and no risk visits to your buildings to determine if you have a claim
- will get all required details of costs from you / your contractors / your solicitors to process the claim for you
Can / will your accountant do that for you?
What you can claim for
Capital allowances can no longer be claimed on buildings themselves, but it's the internal fixtures, performing an active function, where the potential lies
- Plumbing, heating, powered ventilation, external solar shading
- Lifts, but not the lift shaft
- Roller shutter door machinery, but not the door
- Air conditioning
- Alarms + emergency lighting
Don't just take our word for it, here's some practical examples of how we've helped clients with their capital allowances claims
- Historic review for Property Investment business and arcade operator
We undertook a review of the company's historic capital expenditure, which resulted in the identification of additional capital allowances in excess of £2.6 million, saving the client over £484,000 pounds in tax relief. Some of the savings were achieved on buildings acquired 17 years ago.
- Fit-out and refurbishment - Yorkshire based restaurant chain
G+E was engaged to perform a detailed capital allowance review of the all building expenditure ensuring that all elements of plant were identified and that claims for enhanced capital allowances were made were possible. The tax saving associated with the exercise amounted to approximately £795,000 pounds.
- New build - Office
Our client acquired a office building at a cost of £563,000. A detailed review of the expenditure was performed which identified eligible plant of £187,000, resulting in a cash saving of approximately £74,000 pounds.
- Historic review - Licensed Pub
We were engaged to review two freehold pub acquisitions which had been undertaken by the client a few years previous. The result of the review was that the client received a cash repayment from HMRC for overpaid tax in the prior year and a cash saving overtime of almost £96,000.
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