| | | | Abbey Tax Protection’s Capital Allowances Service | | |
Abbey Tax has launched its own Capital Allowances Service, ReCap. It is designed to help clients maximise their tax position by claiming Capital Allowances for fixed Plant and Machinery, which hasn’t previously been claimed in respect of items that are ‘embedded’ within the fabric of a building.
Businesses can claim tax relief against trading profits for expenditure on Plant and Machinery. This includes the cost of equipment, but it isn’t commonly recognised that it also includes a substantial part of the cost of the building, which will undoubtedly contain ‘fixed’ or ‘immoveable’ Plant and Machinery.
Every year, a large number of businesses allow thousands of pounds worth of Capital Allowances to go unclaimed from HM Revenue & Customs. Obviously, they don’t realise this is happening and it is made worse by the fact that most individual claims are usually in the tens of thousands of pounds.
The reason for this is quite simple; tax law is very complicated and changes frequently. So much so that most accountants, and even tax inspectors, cannot keep fully up to date unless they have made a point of specialising in this area. This requires a large commitment of time and money, and to be successful in making these claims there needs to be the right technical skills and knowledge.
This is not a tax avoidance scheme or a scam….. but a legitimate entitlement that requires specialist knowledge to complete. This is where ReCap can help.
Our growing team of specialists can help identify possible cases, please call 0870 167 0790 and speak to Richard Hier, Nigel Nordone or David Marples find out more.
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