Capital Allowances Claims

 When a business property is purchased, it is treated as capital expenditure. The cost of the building itself cannot usually be claimed as an expense of the business and set off against business profits (with some exceptions). Instead, the cost is carried forward into the future and set off against a future sale in calculating the capital gain on the disposal.

Thus tax relief is sometimes never achieved (e.g on death) or is deferred far into the future when it's value may be much less due to inflation.

However, included in the cost of the purchase are many functional parts of the building which can be regarded as "plant and machinery". Identifying this expenditure allows tax relief to be claimed sooner and the relief set off against business profits or other income. In many cases the amount of relief can be increased as there is some flexibility about when and where relief is claimed,

We can help identify and claim these additional expenses.

For your FREE INITIAL CONSULTATION, click here!

Furnished Holiday lets

Claim up to 25% of your holiday cottage purchase price as tax reliefs and use them to offset future tax bills or claim significant tax rebates from HMRC.

Did you know that holiday cottages that are rented for more than 10 weeks in any tax year qualify as what is known as a Furnished Holiday Let (FHL) trading business for tax purposes?

What does this mean to you?

You can claim up to 25% of your purchase price as capital allowance tax reliefs

These can, under current tax legislation, be used to offset tax paid or due on your rental and more importantly tax paid or due on other taxable income such as your PAYE, interest on bank loans or dividends

This means you could be due significant tax rebates which for high rate tax payers can amount to between £20-40,000

If you are interested in learning more about how we can work with you and assist you achieve these significant tax benefits through owning your holiday cottage please contact us or for your Free Initial consultation on capital allowances claims, click here.

Commercial Property

Claim up to 25% of your commercial property purchase price as tax reliefs and use them to offset future personal tax or Corporation tax bills or claim significant tax rebates from HMRC.

Commercial property includes all types of property from offices, hotels, nursing homes, light industrial and retail. If you are letting it to your own company or a third party, either owned personally or through the company, you could be sat on significant unused tax reliefs.

What does this mean to you?

You can claim up to 25% of your purchase price as capital allowance tax reliefs

These can, under current tax legislation, be used to offset tax paid or due on your rental and more importantly tax paid or due on Corporation tax or other taxable income such as your PAYE, interest on bank loans or dividends

These reliefs are available for many years and can amount to significant tax savings over time.

If you are interested in learning more about how we can work with you and assist you achieve these significant tax benefits through owning your commercial building please contact us today, or for your Free Initial consultation on capital allowances claims, click here!