Major Changes to Inheritance Tax Relief – What It Means for Business Owners and Farmers
If your business or farming assets are worth more than £1 million, it’s time to revisit your inheritance tax planning.
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 US today or call 01733 891896
Taking Dividends as an Income from Your Company
If you’ve never really given any thought to using dividends in your tax planning arsenal, then now’s a ...
