Capital Allowances and your entitlement.
Published ¤ 26/07/2011 14:19:51
Did you know that only 4% of commercial property owners have claimed their full capital allowances?
When a commercial property is purchased, HMRC allow for many of the fixtures and fittings to be classed as capital allowances, and can be offset for tax purposes. For some, this figure can amount to 50% of the purchase price of the property.
For example, did you know that an air conditioning system is classed as "plant and machinery" by HMRC (you can see the list of items on the HMRC website by clicking here), and therefore capital allowances can be claimed against the value. Bathroom and sanitary fixtures (sinks, showers, toilets) are also classed as "plant and machinery" and so their value can be claimed as a capital allowance.
Of course, it is not an easy matter determining which items can be classed in this manner, nor what value to put on them.
So, why are so many people failing to claim these allowances?
Very simply, most accoutants are not involved in this very specialist area, and as such do not advise their clients. Unfortunately, if you fail to claim these allowances, then you will lose them!!!
We are working hard with a number of accountants to increase awareness of this little used allowance. Many commercial property owners will receive substantial rebates when they utilise this allowance correctly.
We can instruct a specialist surveyor that will ba able to determine what itams can be claimed for, and what value to put on them. We will then work with your accountant to agree the figures, before submitting a claim to HMRC.
So, what is the catch?
Well, we obviously want to be paid for our work, and we will charge a fee, determined by the value of allowances identified. However, if we fail to idetify at least £25,000 of allowances, or we fail to produce a report, you pay NOTHING! Otherwise, we will charge 6% of the allowances identified, although this fee is also tax deductable! We also have options to defer payment until your refund has been received.
HMRC is changing the way people can claim from April 2012, so don't leave it until it is too late. Contact PKS to discuss your capital allowance tax claim now. Click here to send us a message now, or call on 0845 226 5009.
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