Why you need a Capital Allowance Specialist

A Capital Allowance Specialist is a “professional who specialises in identifying and claiming capital allowances for businesses.”

Their expertise can help businesses to reduce their tax bills and increase their cash flow. By working with a specialist, you can ensure that you are claiming all the tax relief available to you. This can include not only the standard allowances but also more complex claims such as those related to research and development or contaminated land remediation. Moreover, a specialist can assist with identifying unclaimed allowances from previous tax years, which can result in significant tax rebates. So, engaging a Capital Allowance Specialist can be a wise investment for any business seeking to reduce its tax liability and improve its financial position.

Qualifications and experience: What to look for

When looking for a Capital Allowance Specialist, it is essential to consider the qualifications and experience of the individual.

The specialist should hold relevant qualifications such as:

  • Membership in the Royal Institution of Chartered Surveyors (RICS)
  • Institute of Chartered Accountants (ICAEW), or
  • Association of Taxation Technicians (ATT)

These qualifications demonstrate that the specialist has the necessary expertise to identify and claim capital allowances. Moreover, it is important to look for a specialist with relevant experience in your industry. This will ensure that they will have a better understanding of the specific capital assets and expenditures relevant to your business.

A specialist with a combination of qualifications and industry experience will be best positioned to identify and claim all available capital allowances for your business.

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Understanding the specialist's process

An effective Capital Allowance Specialist should have a clear process in place for identifying and claiming capital allowances.

The specialist should conduct a comprehensive review to first determine “entitlement,” i.e., whether a capital allowance is available. This would typically include a review of your business’s capital expenditure and assets to identify any potential capital allowances. As well as carrying out checks for historical claims by prior owners.

Calculating a claim value, in most cases, should include a site survey to identify any qualifying assets, a review of your accounting records, and an analysis of any historical capital expenditure. The specialist should also be able to provide a clear and concise report. In which, findings and potential capital allowances available to your business are outlined.

Additionally, the specialist should be able to liaise with your tax advisors to determine the most tax-efficient way in which the capital allowances can be crystallised. A specialist should be able to provide the documentation required to support the capital allowance claim. Plus, liaise with HM Revenue & Customs (HMRC) on your behalf to ensure a smooth and successful claims process.

Learn more about our process that has helped us achieve a 100% success rate.

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How to assess their track record

A reputable specialist should be able to provide evidence of their previous successes. Plus, demonstrate their ability to identify and claim all available capital allowances for their clients.

When assessing a Capital Allowance Specialist’s track record, it is essential to consider their success rate and the value of the claims they have made. It is important to consider the size and complexity of the claims that the specialist has successfully made. As this can be an indicator of their ability to handle more complex claims.

Industry-specific expertise

It is also worth checking whether the specialist has any specific industry expertise or has worked with businesses similar to yours. By evaluating a specialist’s track record, you can gain insight into their effectiveness and determine whether they are the right fit for your business.

Discover the range of businesses we’ve worked with, and explore our case studies.

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Communication skills: Vital for a good working relationship

A Capital Allowance specialist should be able to explain complex tax laws and regulations in a way which is easy to understand. 

Effective communication is vital when working with a Capital Allowance Specialist. The specialist should be able to explain complex tax laws and regulations in clear and concise language that you can understand. They should also be responsive and attentive to your needs. Providing regular updates on the progress of your claim and promptly answering any questions or concerns you may have.

A Capital Allowance specialist should be able to listen to your business’s specific needs and tailor their approach accordingly. Establishing good communication with your specialist can help ensure a successful and smooth claim process. Plus, it provides a foundation for a long-term relationship that can benefit your business in the future.

Good communication is just one of the important stages of our successful formula.

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Up-to-date knowledge of tax laws and regulations

A Capital Allowance specialist must have up-to-date knowledge of tax laws and regulations. 

A Capital Allowance Specialist must have up-to-date capital allowances laws and regulations. The specialist should be aware of changes in tax legislation that could affect your business’s eligibility for capital allowances. As well as any new opportunities for claiming allowances.

We always recommend looking for a specialist who regularly undergoes professional development and keeps up-to-date with changes in tax laws and regulations. This will ensure that they can provide you with accurate and timely advice that maximises your business’s eligibility for capital allowances. By engaging a specialist with up-to-date knowledge of tax laws, you can be confident that you are claiming all available capital allowances and that your business is compliant with tax regulations.

Team photo alongside a client testimonial
We offer CPD training sessions to keep advisors up to date on the latest legislation changes...

Client testimonials and references

Client testimonials and references can provide valuable insight

Testimonials provide insight into the CA specialist’s quality of service. When considering a specialist, it is important to ask for references or testimonials from previous clients who have worked with the specialist. These references can provide valuable feedback on the specialist’s ability to communicate effectively. Plus, providing accurate and timely advice and delivering results for their clients.

Additionally, references can give you a sense of the specialist’s level of professionalism, responsiveness, and overall approach to client service. By speaking with previous clients or reviewing testimonials, you can gain a deeper understanding of the specialist’s strengths and weaknesses and make an informed decision about whether they are the right fit for your business.

 

Team image with client testimonial

Costs and fees: Transparency is key

Transparency regarding fees is a requirement 

Transparency around costs and fees is crucial when working with a Capital Allowance Specialist. The specialist should provide you with a clear breakdown of their fees, As well as any additional costs associated with the claim process. You should also be aware of any potential risks or contingencies that could affect the outcome of the claim and the associated costs.

It is also essential to consider the specialist’s pricing structure and how it aligns with the value of the potential claim. While it may be tempting to select a specialist with the lowest fees, it is important to ensure that they can deliver on the value of the claim and that there are no hidden costs or fees. By establishing transparency around costs and fees, you can make an informed decision about which specialist is best suited to your business needs and budget.

Team image with client testimonial

Conclusion: Making the right choice for your business

Identifying and working with the right Capital Allowance Specialist is crucial to ensure that your business can benefit from this tax relief opportunity to the fullest extent. By considering factors such as their qualifications, experience, track record, communication skills, up-to-date knowledge of tax laws, and client testimonials, you can make an informed decision about which specialist is best suited to your business needs. It is also important to ensure transparency around costs and fees and to establish a good working relationship with your chosen specialist. By following these guidelines, you can be confident that you have made the right choice for your business and that you are maximizing your capital allowances.

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