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.
17 December 2021
Reduce Tax Liabilities for 2022The 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 2021
New Headquarters, New Rebranded WebsiteWe 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...
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.