HELP WITH CAPITAL ALLOWANCES
Individuals and businesses owning commercial property can potentially save significant amounts of UK income and corporation tax through capital allowances.
LOWERING YOUR TAX LIABILITY
Capital allowances are an entirely legitimate, recognised part of the UK tax regime. Unlike many HMRC reliefs, capital allowances allow tax relief to be given or denied by statutory principle (Capital Allowances Act 2001), rather than by virtue of accounting standard.
Some of the rules on capital allowances are very complex – even for trained professionals. Claiming this relief requires a variety of expertise including; legal, taxation, accounting and valuation, which are all skills that our dedicated experts have.
So if you’re looking to submit a claim or have some questions regarding your eligibility, feel free to get in touch with our team and we’ll do our best to help you.
Everything You Need To Know
We’ve grouped together some of the important information that you need to know regarding capital allowances.
A capital allowance is the unit used by HMRC to measure depreciation (wear and tear) of an asset. The current legislation governing the use of capital allowances is the Capital Allowances Act, 2001. Commercial property owners are allowed to claim capital allowances on inherent plant & machinery within their commercial buildings as a statutory exemption.
- Commercial property owners or lease holders
- Must be paying UK Corporation and/or Personal tax
- Property must be involved in a qualifying activity, such as trades and professions, UK and overseas property business or furnished holiday lets in the UK or European Economic Area
The value of capital allowances varies according to the nature of the property and are typically relevant for buildings such as:
- Office Buildings
- Industrial Buildings
- Hotels and pubs
- Care homes and Supported living premises
- GPs, dentist and physiotherapy practices
- Retail units
- Furnished Holiday Lets
We have helped our clients submit claims from anywhere between 8% to 16%, again dependant on what the claim is for.
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“We started using SKS as an outsourced Finance function early in 2017. The transition was remarkably smooth and, through the dedicated team, we are now receiving accurate reports on time. This is on top of cost savings and fewer operational headaches.”
Vivek Singh, Executive Director, Award Apparel Ltd