Our initial review
We completed our initial review and established that tax savings were available against the build costs of the new development above what the accountants had already claimed. However, we didn’t just find capital allowances on this new development, we found something even more when discussing Bito’s other properties…
Discovering benefits from previous years
When digging deeper we uncovered further expenditure that had been spent in 2008 on another one of their units which we felt should be explored. In total the client had spent in excess of £1,500,000 and we felt a full review would secure a significant level of capital allowances to support the business’s tax position. This emphasises the importance of looking thoroughly into the client’s expenditure. Our process didn’t just focus on the recent new build but took the approach to fully understand our client’s portfoilio.
The benefits retrieved
-
was spent by the client
-
of costs that qualified for capital allowances
-
of the overall costs the client spent
-
of tax savings secured for the client
What our client thought...
“BITO Storage Systems has grown at a fast pace over the past decade, producing sensible profits and paying our taxes in the UK. I feel that the tax benefits we obtained with the support and guidance of Capital Allowance Review Service will enable us to invest more into the continued development of our company and therefore recommend them to like-minded businessmen.”
Mr E Hutchison | Managing Director
Observations from our Managing Director, Chris Roberts:
At a high level the subject of property embedded capital allowances can be seen as very logical and most understand the concept once explained. This case is a good example of why quality advice from experts with a comprehensive process and approach is just as important.
A capital allowance consultancy firm with a multi-disciplinary team, in my view, was able to go further. Our initial review doesn’t solely focus on property, due to our accounting and tax disciplines we’re able to review the bigger picture and understand the client’s business costs, treatment and tax profile. Not only does this ensure the maximum tax relief is secured, as the BITO case study shows, it also ensures we understand how our clients can use any capital allowances highlighted from a tax point of view.
To speak to one of our expert team to see if your commercial property qualifies for tax relief, get in touch now!
Latest News
-
2 May 2024Taxation of the Furnished Holiday Let (FHL) Regime Debate
On Wednesday 1 May 2024, there was a debate that took place at Westminster Hall on the taxation of furnished holiday lets following the announcement of the abolishment of the Furnished Holiday Regime during the Spring Budget 2024. We’ve included below the transcript of the discussion (taken from... -
18 April 2024
A Conversation with Nicola, of Hall Livesey Brown
As a Chartered Accountant at Hall Livesey Brown, Nicola Carter provides us with a glimpse into her experience as an accountant. With nearly 20 years at the firm, she shared her journey and the challenges she’d faced. Plus, we look at the pivotal role external support has played in optimising capital...
Contact Us
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.