Meeting Room

CAPITAL ALLOWANCES

"Since inception we have identified over £43,000,000 in capital allowances for UK business owners"

 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. Commercial property also includes serviced accommodation and furnished holiday lets.




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. The only time limit set by HMRC is with regards to the initial submission which is made by amending an open tax year.




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. If the refurbishment was completed within the current or last tax year you will be able to use the annual investment allowances to write off all qualifying expenditure within the year it was incurred. The annual investment allowances is currently set at £1,000,000 which means any qualifying expenditure up to this amount can be written off in full.




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. One thing to consider is if you have not had a full property inspection completed, a capital allowances claim has not been calcuated to its maximum value.





QUALIFYING PROPERTY TYPES

Office - Warehouse - Industrial Unit - Care Home - Holiday Let - Serviced Accommodation - Retail Unit - Manufacturing Unit - Farm - Car Showroom - Data Centre - Sports Centre - Hotel -  Bed & Breakfast - Garage - Workshop - Restaurants - Medical Practice & More

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JAMES NAZIR & CO - CAPITAL ALLOWANCES

The Innovation Centre

Maidstone Road

Rochester

Kent

ME5 9FD

0843 005 9711

© James Nazir Limited. Company Number. 10018666

VAT Number - 296 2020 08

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