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.
‘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.
5 December 2023
Capital Allowances ManualCapital allowances play a significant role in taxation. Allowing businesses to claim deductions for the depreciation of their assets. Among these assets, plant and machinery are frequently mentioned. However, the term “plant and machinery” is not explicitly defined in tax law. It should also...
22 November 2023
Autumn Budget 2023: Changes to Capital AllowancesThe Autumn Budget of 2023 has arrived, and with it comes significant changes and developments the government has put in place. Chancellor Jeremy Hunt delivered the statement on Wednesday, 22 November 2023. For businesses and individuals alike, these adjustments in tax policies can have far-reaching implications.
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.