Capital allowances are you claiming?

21 March 2020

Capital Allowances tax relief offsets the hidden expenditure in your commercial property.

Typically, it would apply to fixed parts of the building such as air conditioning, wiring, heating, lighting and security systems, that was either in situ on purchase, installed as part of refurbishment or fit out projects you’ve undertaken.

A look at property

Your business will no doubt have claimed allowances on everyday purchases, such as IT equipment and furniture. However, identifying and valuing a ‘just and reasonable’ apportionment of a property’s cost between the ‘bricks & mortar’ and qualifying plant & machinery, requires a detailed specialist assessment of the building by our team of experienced tax and property experts. Which may not have been carried out previously.

Who can claim?

All commercial property owners who are UK taxpayers may be eligible to claim Capital Allowances tax relief which can be offset against your tax liability. The claim can be submitted into the earliest tax return, which remains open for amendment under self-assessment rules. In doing so, can often result in a significant rebate of overpaid tax.

We can explore whether you’re potentially sitting on a valuable unexploited tax relief in your property.

to find out more about if you could claim

contact Emma Queen today or call 01733 891896

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