Have your Client’s had a survey of their property to highlight the embedded fixtures and fittings that qualify for tax relief?
What happens when sufficient detail isn’t available?
A lot of tax relief is missed, however, not necessarily lost!
There’s no doubt that 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 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 and 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 client’s commercial properties. Accountants are restricted to the information provided to them and therefore are too often unable to maximise claims, resulting in businesses paying higher taxes.
In 90% of cases we review, additional Capital Allowances are extracted from Land & Building 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.
Property Embedded Fixtures and Fittings (PEFF) review has the ability to recover tax paid and reduce tax liabilities.
Any clients that have incurred significant costs to acquired and/or improved commercial property could benefit from a PEFF review.
26 September 2023
When Not to Claim Capital AllowancesCapital allowances (CAs) are a valuable tool that helps businesses reduce their tax liability. This process involves claiming deductions for the cost of certain assets used in their operations. These allowances provide financial relief by allowing businesses to deduct a portion of the capital expenditure...
21 September 2023
Understanding Capital Allowance RatesIn the world of business finance, every pound counts. So, capital allowance rates stand as a pivotal tool that can significantly impact a company’s bottom line. But these rates are often overlooked amidst the hustle and bustle of corporate operations. Capital Allowances hold the potential to unlock...
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.