Services for Property Owners
Making a Claim
Whether owned for investment or owner-occupation, all commercial premises contain 'plant and machinery' (as defined for tax purposes).
These include fixtures such as electrical, water, heating and sanitary systems, and many other assets.
When valued correctly, the money spent on these assets may be written-off for tax purposes, sheltering your business profits from taxation.
- The tax savings are typically between 10% and 25% of the money spent (depending upon the property type and your tax rate);
- Claiming can result in a cash rebate from HM Revenue & Customs, or a reduction in current and future tax bills, or both;
- There is currently no time bar on claiming. So missed claims may be remedied many years after your property was built or bought. However, Government intends shortly introducing a time limit, so prompt action is recommended now.
Claiming capital allowances is an income/ corporation tax adjustment only. It has no effect on your financial accounts, or the market value of your property. Nor does making a claim have any effect on your future capital gains tax bill (should you ever decide to sell your property).
Other Advisors
Most accountants and some surveyors do provide capital allowances advice. However, because we are specialists we have a different skill-set and more in depth and up-to-date understanding of capital allowances law and practice.
Capital allowances claims are ideally suited to being dealt with on a stand-alone basis separately to other tax matters and we work alongside other advisers without any conflicts of interest or scope overlap issues occurring.
Capital allowances law is particularly complicated when second-hand property is purchased. Accountants are normally unable to advise fully because calculating the claim requires an apportionment of the price between land, buildings and qualifying assets, which is a surveying-based tax valuation exercise which is outside most accountants' skill-set and expertise. And, most surveyors do not have the requisite tax knowledge.
Our Fees and Approach
Our fees are agreed in advance. Depending upon your preference, we can either charge a fixed fee, or a results fee based on the value we deliver.
The process is precisely the same, regardless of the fee type chosen. For results based fees our work is, in effect, 'no win, no fee' and you are guaranteed to always keep the lion's share of any tax savings generated.
There is no downside in involving us because we will normally carry out a free of charge and no obligation initial review to assess the feasibility of claiming, estimate the tax savings that should arise, and propose an appropriately tailored fee.
Please contact one of our directors for more information.