It’s automatically assumed that information is readily available for the standard accounting routines to maximise tax relief from expenditure to buy and improve a commercial property.
When sufficient detail isn’t available, a lot of tax relief can be missed, but don’t worry. If you become aware that your client satisfies the criteria, it may not be too late.
Of course, the accounting profession has established routines for assessing Capital Allowances, and therefore it’s important to stress that we’re not questioning their ability. We look to enhance the level of Capital Allowances and tax relief claimed by introducing additional disciplines that add value to their work. For example, a capital allowance survey on the property can identify items that are not visible within the paperwork and sit within Land and Buildings on the Balance Sheet (not Fixtures & Fittings)!
We work alongside business advisors and the accounting profession to maximise the tax benefits available to their clients by claiming the capital allowances on the embedded fixtures and fittings within their clients’ commercial properties. Accountants are restricted by the information provided to them and therefore are too often unable to maximise claims, which can result in higher taxes.
In 90% of cases we review, additional Capital Allowances are extracted from Land & Buildings and Leasehold Improvement costs.
Typically we uncover 25% of property costs and 50% of property improvements, therefore, creating a significant role in a business’s tax planning.
A PEFFs (Property Embedded Fixtures and Fittings) review has the ability to recover tax paid and reduce tax liabilities so if any of your clients have incurred significant costs to acquired and/or improve commercial property it may be worth a call to discuss.
- 29 September 2022
Introducing Lee!We have big plans for the future at CARS! To help us expand, both locally and nationally we required expert support. To accomplish this level of growth, we’re pleased to welcome our new Head of Business Growth, Lee Parker. Lee has numerous years of experience in business development and brings...
- 27 September 2022
Behind the Scenes with a former HMRC InspectorAs part of our specialist team, we are pleased to introduce you to Mark Doodney. Mark works within our technical team and provides invaluable insights into how HMRC may view our approach with particularly technical or quirky cases. Essentially, Mark is key in ensuring claims are processed in accordance...
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.