Different kinds of capital allowance for offices
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Purchase of a property
If businesses or individuals purchase a commercial property, it is very likely that capital allowances are claimable. Allowances may be claimable in respect of items in the property at the time of purchase. However, this is subject to these items having not been claimed by the previous owner, and will almost certainly be claimable on any improvement costs after purchase.
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PEFFs
Property Embedded Fixtures and Fittings or PEFFs for short, are the plant, machinery and fixtures that are embedded in a building. Fixtures and fittings relate to anything that is ‘fixed’ into the property, so they could be nailed or bricked in. For example, radiators, lighting, ironmongery to doors and windows, and lifts.
At CARS, when explaining PEFFs to our clients, we always use the same analogy. ‘If you tipped the building upside down, everything that remains in the building could qualify for tax relief, when we consider how these items allow the business to trade from that building’.
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SBA
Structures and Buildings Allowance is claimable when a party pays the costs of renovations or the building of a commercial property. Individuals can claim costs which also include the preparation of the site. In addition to construction works, renovations, and fitting-out works. If you bought the structure from a developer, you can claim SBA on the price you paid the developer.
To see if you qualify for a capital allowance claim, get in touch with our expert team!
Latest News
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30 October 2024
Autumn Budget 2024: Update on Capital Allowances
On Wednesday 30th October 2024, Chancellor Rachel Reeves delivered her first budget, unveiling major changes designed to reshape the economic landscape. Businesses across various sectors were keen to pay attention to these updates, particularly concerning tax policies. Understand if there’s any... -
1 October 2024
Our Founder, Paul Roberts, Retires From CARS
Over 25 years ago Paul Roberts founded our company and created the successful firm it is today. It is with mixed emotions that we announce Paul’s retirement from Capital Allowance Review Service (CARS). While we will miss his leadership and unique sense of humour, we recognise that he deserves to spend...
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Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.