The 31st January 2019 is the deadline for completing 2017 Self Assessment returns and for amending 2016 Tax Returns.
Now is the opportunity to review your Client’s tax position and to consider who can benefit from the tax savings available by claiming Property Capital Allowances on the Embedded Fixtures and Features within commercial buildings, including unclaimed costs from historic property expenditure.
Start the claim now to reduce the 2017 liability and the 2019 payment on account as well as the opportunity to amend tax returns and produce a tax refund. By acting now can secure any significant tax saving for your qualifying Clients.
Changes in the Capital Allowances Act in 2014 highlight the importance of identifying and pooling the allowances as failure to do so could mean they are unrecoverable.
If your Clients are buying and/or selling commercial property, we give free advice with the aim of satisfying legislation and ensuring your Client is informed of their options.
It is a legal right under Capital Allowances Act 2001 to claim property capital allowances and does not have any impact on Capital Gains Tax calculations on disposal.
In January 2018 the maximum Annual Investment Allowance (AIA) remains at £200,000 however, due to the recent changes in the Budget, the AIA amount is increasing to £1,000,000 from January 2019.