It is estimated that over half of all commercial properties in the UK haven't claimed their capital allowance entitlement, which could be worth hundreds of thousands of pounds.
When can capital allowances be claimed?
Identifying capital allowances, or plant and machinery fixtures, within commercial property requires the skills of a chartered surveyor. This is where we can provide accountants with specialist advice. Opportunities for your clients will be available when expenditure is incurred on:
- The purchase of a second hand building
- A new build or extension
- Historic expenditure – as long as the asset is still owned
- Refurbishment works or fit-outs
Our specialist in-house capital allowances department can assist with identifying and submitting capital allowances claims on behalf of your clients, ensuring their tax relief is maximised. Business and taxpayers are eligible to claim capital allowances on qualifying expenditure. This means they can deduct a proportion of that expenditure from taxable profits and reduce their overall tax bill.
To find out more about a potential claim relating to past, current or future expenditure, call us on 01142 364457.