What is Capital Allowance?
Capital Allowances allow commercial property owners to claim qualifying items of capital expenditure as a tax deduction and are a valuable tax relief. Property Capital Allowances can recover tax paid and reduce taxes for companies and individuals that have spent capital buying/improving commercial property. A Capital Allowance is a taxable benefit against expenditure on Plant and Machinery for the purpose of the trade.
What are Plant and Machinery?
According to HMRC “There is no definition of ‘plant’ in the Act: but, in its ordinary sense, it includes whatever equipment is used by a businessman for carrying on his business. This does not include stock-in-trade which is purchased or makes for a sale, but all goods and chattels, fixed or moveable, live or dead, which is kept for permanent employment in the business.”
What about the embedded fixtures and fittings of your commercial property?
Capital Allowances allow commercial property owners to claim qualifying items of capital expenditure as a tax deduction and are a valuable tax relief.
Property Capital Allowances can recover tax paid and reduce tax liabilities for companies and individuals that have spent capital buying/improving a commercial property. To ensure the maximum level of tax savings can be claimed, we will survey the property to highlight the embedded items that are not visible within the paperwork. As illustrated below.
If you or your clients have spent capital buying or improving a commercial property and have not had a survey to highlight the embedded fixtures and fittings, then you could be eligible to claim.
We could help you to secure tax savings from your commercial property and reduce your taxable income!
Important:
We find the most efficient way of assessing whether tax savings can be achieved is through a conversation with accountants.
We are aware of the accounting routines for assessing Capital Allowances and stress that we’re not questioning anyone’s ability, but by applying additional disciplines, our aim is to increase the level of Capital Allowances claimed and add value to their work. A survey 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).
Don’t miss the hidden value in your business! Contact us today to find out if you can claim.
Latest News
-
18 April 2024A Conversation with Nicola, of Hall Livesey Brown
As a Chartered Accountant at Hall Livesey Brown, Nicola Carter provides us with a glimpse into her experience as an accountant. With nearly 20 years at the firm, she shared her journey and the challenges she’d faced. Plus, we look at the pivotal role external support has played in optimising capital... -
11 April 2024
Land Remediation 2024: What Qualifies and What Doesn’t
Land remediation tax relief is a powerful incentive designed to encourage the rejuvenation of contaminated and certain derelict land. This is not only for environmental reasons but also for economic development. Understand what qualifies for this tax relief and what doesn’t, regarding Land Remediation...
Contact Us
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.