There’s no doubt accountants have an established routine for assessing capital allowances and therefore it’s important to stress that we’re not questioning their or your ability. We look to enhance the level of capital allowances claimed by introducing additional disciplines that add value to the accountant’s work. For example, a survey is completed on the property to identify items that are not visible within the paperwork and sit within Land & Buildings on the Balance Sheet (not Fixtures & Fittings). Stage Payments for leasehold improvements or property builds are a good example of where our process creates the required detail to maximise Capital Allowances.
Capital Allowances are tax deductions that businesses can claim on certain types of expenditure for commercial properties. These include machinery, and equipment that are used for business purposes. These allowances enable businesses to offset the cost of these assets against their taxable profits, reducing their overall tax liability. Understanding and maximising capital allowances can significantly benefit businesses by improving cash flow and reducing their tax burden.
However, not everyone is familiar with the rules, regulations and eligibility surrounding Capital Allowances. Explore our FAQs to learn more
