Capital Allowances are the tax deductions available when a business purchases capital assets used within the business. Very often the moveable items and fixtures and fittings are identified and claimed however the property embedded plant and machinery is often overlooked and not identified by commercial property owners.
Where property acquisitions are made the inventory of moveable assets are identified however details of what inherent fixtures and fittings are not always provided and therefore are not claimed.
Commercial property owners can claim tax relief on the embedded fixtures within a property, such as heating systems, lifts, electrical wiring, fire escapes and security systems to name just a few.
Many commercial property owners are not taking advantage of this additional relief that is available to them due to not understanding what they can and cannot claim, and this not been quantified or considered by their advisors at the time. These allowances can represent a considerable additional tax relief which can save significant amounts of tax.
Property Capital Allowances is a specialist area and requires a detailed knowledge of HMRC legislation and the required evidence to support a claim.
We partner with CA Advisory Services Ltd to provide you with advice on whether you can successfully claim and what qualifies in the property.
The experts as CA Advisory Services assess your current and future business or personal tax position to determine whether a claim is appropriate, a surveyor visits the property to determine what qualifies and to determine the value of the claim. They then complete and submit the claim to HMRC on your behalf.
They complete the whole process for you enabling you or your business (depending on circumstances) to benefit from legitimate reduction in your tax bill.