Our Capital Allowancesapproach
Capital allowances are an important and effective way of reducing your Corporation Tax liability when you purchase plant and machinery, fixtures and fittings, and acquire, build or refurbish a commercial property.
There have been many changes to the legislation in recent years and we keep our clients informed of these changes and help them to plan their capital expenditure to maximise the tax relief available to them.
How can we help?
We have assisted our clients in many ways, some examples are:
We are able to carry out capital allowance claims on in-year purchases as part of your Corporation Tax computation. We look to maximise first year capital allowances where possible.
If you own commercial properties and have done so for a number of years you could be sitting on a significant amount of unclaimed tax savings. Our specialists can assess these allowances and submit a claim to HMRC in a clear, approved format.
We also like to work proactively with clients who are looking to buy or sell a property to ensure that the correct value is agreed for fixtures within the property. This is a valuable exercise which could increase the tax relief available to you and is often overlooked. It is common for this to involve a historic capital allowance claim. We then work with our client, whether they be the buyer or the seller, to ensure that the correct value is attributed so as to negotiate the best starting point with the other party.
For larger projects we offer a bespoke service that typically involves preparing claims in real time and developing a Capital Allowances categorisation system to ease the preparation of claims and that can be used across multiple projects and across multiple tax years. We will visit your sites and work closely with your Quantity Surveyors, contractors and project teams as we recognise that these are the key people to bring your project to life and help maximise claims.