Capital Allowances
WOULD IT NOT BE GREAT IF THE INLAND REVENUE GAVE YOU A CHEQUE?
Believe it or not this is not as crazy as it seems!
Capital allowances are a tax deductible expense which is computed every year by your accountant when they prepare either your personal tax return or your company's tax return (CT600).
If you own commercial property then the chances are you have not maximised your legal claim for Capital Allowances which can substantially reduce your trading profits and therefore your tax liability. This is not controversial, not tax avoidance but simply a client's right to claim.
It is very likely that there are many items eligible for Capital Allowances which form part of your building but no one has placed a value on them. So if you cannot value the asset how can you claim Capital Allowances?
So imagine if you purchased a commercial property 3 years ago and the value of fixture and fittings was £20,000. We send our experts to review your property and they value the fixtures at £100,000! This value can be backdated to when you purchased the property and will invariable result in a tax refund (provided tax was paid in the first place!)
We have teamed up with experts who only specialise in Capital Allowances and who boast a 100% success records with all their claims. Their back dated claims tend to result in refunds for clients and they boast a no win no fee basis.
So who qualifies?
To summarise any of the following can benefit from a potential claim and possible tax refund:
- Limited Companies
- Sole Traders
- Partnerships
- Individuals
- Ideally having paid some tax or will pay in near future
Recently one of our clients was put through this process and we discovered an additional £122,000 of fixtures and fittings and this was backdated to when the property was purchased in 2004!
So if you own, are thinking of buying or are going to sell a commercial property then give our offices a call for a free no obligations review of your situation. What do you have to lose?