Did you know that you may be able to claim up to 40% of the purchase value of a commercial property as tax reducing capital allowances?
There is also a window of opportunity to claim these allowances going back for many years, but this opportunity comes to a close at the end of this tax year.
The process would normally involve the tax history of the property being checked, and then a survey of the property conducted by a tax focussed surveyor; this will then provide us and your accountant, with the detailed information required to make a capital allowances claim.
Surely my accountant will have sorted this out?
Your accountant can only claim the allowances as presented to them. By involving a specialist who is both a surveyor and a tax specialist further allowances could be ascertained which may not have been highlighted in the original purchase or refurbishment. Items which are frequently missed the first time around include boilers, fire alarm systems and air conditioning.
Does this work for everyone?
Due to the costs, a purchase (or refurbishment) price of around £500K makes this a worthwhile exercise. The owner must be a tax payer.
How does HM Revenue & Customs view this?
This is non contentious and our specialist has carried out such work for several national businesses.
Contact Sharon Critchlow on 01275 462469 or email@example.com