Capital Allowances are a statutory tax relief that can reduce the tax that companies, businesses and individuals have to pay on their annual profits. However, the opportunity to utilise this relief is often completely missed or at best under-used.
Every building will contain plant and machinery and fixtures and fittings but this is a complex area and every case needs to be considered on its own merits. A standard approach using a tick list is not always effective when making a capital allowances claim, as the risk of missing something and consequently increasing your tax liability is just too great.
Property is the biggest capital investment a business will make and maximising a claim for capital allowances is a key factor in mitigating the business’ tax liability. An incomplete capital allowance claim will result in an increased tax liability.
Our team of specialists can advise on specifications for new planned expenditure to ensure that capital allowances are maximised. We can also help you maximise the capital allowances claim on future plans for new premises, building works, refurbishments etc. and review your previous expenditure to make sure everything has been correctly claimed or categorised.