News Flash

 

Our ReCap team conducted a full survey of a client’s commercial property portfolio following expenditure of £6.5million in the past two years. The survey identified over £2.3million of additional qualifying expenditure for capital allowances. This resulted in an immediate refund of over £220,000 for the group and significant allowances carried forward. The aggregate total tax savings in the next 10 years is estimated to be in the region of £700,000.

 

Our ReCap team have identified in excess £60 million worth of Capital Allowances, below you can find some recent cases.

Holiday Park

An accountancy practice approached ReCap as their client was under investigation by HMRC. The Revenue had assessed £50,000 of additional duty over 6 years. ReCap conducted a full survey of the client’s premises and identified £624,000 of unclaimed qualifying expenditure. The resulting claim for CAs wiped out all the additional tax HMRC were seeking and as the Revenue had reopened earlier Return years we were able to take advantage of these open years to generate a refund of £65,000 for the client.

 

Night Club

This client had recently converted a building into a prestigious night club. The ReCap team undertook a survey of the completed development and identified £530,000 of qualifying expenditure. With use of the Annual Investment Allowance & items attracting 100% FYA the tax saving in year 1 was in excess of £125,000.

 

Care Home

A recent extension added 21 rooms and refurbishment of the existing building cost circa £800,000. A full ReCap survey and valuation by our independent QS identified £282,000 of qualifying expenditure. The report secured a refund of all £12,000 of the tax paid in the earlier year and reduced the payments on account for the subsequent year to nil.

If you think any of your clients might benefit from ReCap, please call 0870 167 0790 or email recap@abbeytax.co.uk for a free, no obligation discussion.