About the claim
Our client had extensive refurbishment and fit-out costs incurred in two London properties. The properties underwent significant renovations, including top-of-the-range fixtures and bar fittings. As the costs spanned two accounting periods, a fair and reasonable apportionment was required to accurately calculate the claim over the two periods.
We have established a strong relationship with our client's accountant, a top 40 accountancy firm. We take pride in supporting accountants across the UK.
Our Approach
Initially, we conducted a thorough review of the client’s activity and recent property projects to establish the approach. determine entitlement and ensure a claim would align with the client’s tax profile. A detailed proposal was then presented, outlining the anticipated value of the claim and possible tax savings. A physical survey of the properties was carried out and a detailed inventory of items was prepared. The inventory of items was then valued accordingly with reference to the year of purchase and using BCIS data where applicable.
The valuation was analysed to segregate items into capital allowance pools, identify non-qualifying items, and quantify those eligible for Super-deduction and Structures and Buildings Allowance. Amendments to open tax returns were made to incorporate the claim. Finally, we produced comprehensive final letters and reports upon confirmation of HMRC processing, ensuring a successful and satisfactory outcome for both the client and their accountant.
An observation from our Senior Claims Analyst, Dave Corfield...
“Both properties are situated in London and were fitted out with items of the highest specification. We were including fixed items, integral features, and chattels in the claim, and we were advising of any adjustments to be made in the accounts/fixed asset registers in respect of re-classifying any chattels included in the property expenditure. ”
Examples of some of the embedded qualifying items that we found...
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Integrated sound system
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Upholstered benches
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Sound proofing (trade specific)
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Feature bars
Client Testimonial
“We were amazed at the value the team uncovered for us. Their detailed approach and deep understanding of commercial property claims made a huge difference to our business. “
George Bukhov | Director
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