TELEPHONE | 0843 0059711 | UK COVERAGE
10% - 40% of the Purchase Price
Up to 80% of Refurbishment Costs
Average of 50% of New Build Costs
Capital allowances are a form of tax relief given on costs incurred on commercial property acquisition and refurbishments and is available for commercial property investors and UK business owners.
This type of allowance is given for costs incurred on plant and machinery as a tax allowable expense, therefore reducing taxable profits and saving money. In most instances our clients even receive a tax refund.
Research has shown that few commercial businesses are taking full advantage of this opportunity. Many already claim capital allowances on small items such as computers, office furniture and cars, but rarely are aware of the significant tax savings on offer through other ‘plant and machinery’ (P&M) items which are embedded within the property.
Plant of machinery claimable under capital allowances range from electrical and heating systems, ventilation and lighting installations through to fire/security alarms, carpets, door handles and more.
Can I claim capital allowances on residential property?
Capital allowances can not be claimed on residential property and can only be claimed on commercial property.
I purchased my property in 2010, can I still make a claim?
Yes! There is no time limit with regards to when you purchased the property.
My property has recently been refurbished, can I claim on this expenditure?
You can claim capital allowances on refurbishment, extension and new build expenditure incurred by the business.
Why has my accountant NOT claimed this allowances?
Your accountant is probably very good, however they are not dual qualified with surveying experience and do not posses the skill set required to complete a comprehensive capital allowances report which would stand up to scrutiny from HMRC.