Over 90% of commercial property owners have not made use of this vital tax incentive and are currently overpaying tax year on year.

Based on the Isle of Skye these two holiday homes did not disappoint with just over £270,000 in capital allowances identified. In case you are not aware capital allowances are sums of money you can deduct from your profits in order to lower your tax bill and as you will see below this can be a lucrative exercise if you own a holiday home. Claim Details Purchase Price - £295,000 Purchase Date - 2010 Capital Allowances - £116,000 Total Tax Re

Capital allowances are a huge tax incentive supported by HMRC but all too often the opportunity to claim is either missed or disregarded. In short capital allowances are sums of money you can deduct from you net profits in order to reduce tax and essentially receive tax free income. You receive capital allowances from valuing qualifying plant and machinery within your commercial property such as heating and ventilation systems, lighting and electrical installations through to

As a B&B owner you could be entitled to tax free income by virtue of capital allowances as when you purchased the B&B you did not just purchase "bricks and mortar" you also inherited all of the plant and machinery embedded within the building. Capital allowances are sums of money you can deduct from your overall net profit in order to lower tax bills and essentially create tax free income. These allowances are derived from plant and machinery within the property and are claim

Dundas Heritable Ltd (TC6476) Enquiries into capital allowances claim backfires. The taxpayer ran public houses and bars. Its tax return for the year to 31 March 2012, received by HMRC in February 2015, included a claim for capital allowances which should have been lodged by 31 March 2014. The return for the period to 31 March 2013, received by HMRC in November 2015, included a claim for capital allowances which should have been lodged by 31 March 2015. HMRC opened enquiries

The directors of James Nazir & Co have a combined 30+ years experience in taxation but more specifically within the niche area of Capital Allowances. Most business owners/investors have never heard of this opportunity but those that have are benefiting from thousands of pounds in tax free income each and every year. Below we have listed the frequently asked question in relation to capital allowances in order to enhance your knowledge and understanding of this somewhat misunde

The latest rule change imposed on Capital Allowances has taken effect and will impact anyone who buys or sells a Commercial Property on or after 1st April 2014 for corporate tax payers and 6th April 2014 for income tax payers. Any property purchased after these dates will be subject to a Section 198 or 199 Election. These elections are designed to fix the value of plant and machinery within the property in order to curb double claims being made by both vendors and purchasers