If an owner occupier or investor cannot find a suitable property to acquire then they may construct or extend a building to meet their needs. When undertaking a building project, the earlier capital allowances are considered the better.
We may be able to advise on alternative forms or methods of construction that can be implemented during the design process to increase the amount of allowances available.
In addition to this, we can check if any of the assets on the accelerated tax relief Enhanced Capital Allowances list can be included.
We can also meet with the construction team on the project to outline the type and format of information required for a claim. This will save time at the end of the project and allow the construction documentation to be easily translated into a claim.
We can liaise with the construction team to ensure we have the correct information to begin preparing the claim and take account of any major design changes that may affect the level of claim.
If the project is over a long period and crosses accounting periods then we can prepare interim claims to ensure that allowances are claimed as soon as possible.
When the property is finished, we can complete the claim and then reconcile it to the relevant accounts.
We will conduct a detailed survey of the property and take all relevant photographs to strengthen items in the claim.
The claim is then available to support the capital allowances claim in the tax computations for the periods.
The same principles apply to new build projects as to Acquisitions.
Claims can be submitted as long as the plant is still owned in the period for which the claim is made.
Even where no cost information is available (for example, when the main contractor has gone bust) we can use our valuation skills to establish the amount of allowances available, making a claim possible.