Could 80% of Capital Allowances really be left unclaimed?
What Property TV said about us.
According to Capital Allowance Review Service the tax savings from an additional layer of scrutiny by Capital Allowance Review Service, by highlighting previously unclaimed items of allowable capital, embedded deeper in the business are significant.
Claims handled by Capital Allowance Review Service in the past 12 months have ranged between £59,000 and several million. Most of their cases show unclaimed allowances of over 80% of the entitlement, even with businesses that have been advised by professionals of Capital Allowances. Nearly all of our cases show businesses typically claim less than 50% of entitlement.
The background:
‘Property Embedded Fixtures & Features’ (PEFFs) are a specialist element of the well-known subject of ‘Capital Allowances’
A Capital Allowance being a taxable benefit against expenditure on ‘Plant & Machinery’ for the purpose of the trade. As a matter of course, Accountants identify ‘MOVEABLE’ items which qualify for Capital Allowances. These movable items include; desks, chairs, computers, cars etc.,
According to Capital Allowance Review Service, Accountants in most, if not all occasions are unaware of the qualifying items embedded within a commercial property that are essential for a business to carry out it’s trade.
This leaves an enormous wealth of unclaimed qualifying ‘IMMOVABLE’ items on which Capital Allowances can be claimed, such as lifts, heating systems, security systems, sanitary systems, kitchens, etc., These items which were either inherent within the property at the time of acquisition or that have been subsequently installed.
Paul Roberts from Capital Allowances Review Service, 2016 Tax Awards winners for Best Property Capital Allowances & Tax Recovery Firm (UK), appeared on Property TV’s own Property Panorama current affairs show to talk about Capital Allowances.
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17 December 2021Reduce Tax Liabilities for 2022
The deadline is to complete Self Assessments for 2020/2021 and for amending 2019/2020 Tax Returns is 31st January 2022. We encourage you to explore whether you are in a position to claim any historical PEFFs hidden within your commercial properties. The changes in the CAA2001 legislation means it... -
25 November 2021New Headquarters, New Rebranded Website
We are pleased to announce that we have moved to a new headquarters at Festival Park, Stoke-on-Trent, alongside launching a rebrand and brand-new website. We have seen both growth in the number advisors we support across the UK and within our team which has resulted in the need for larger office space. Our...
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