by oandk oandk

Capital allowances enable commercial property owners to obtain tax relief related to capital expenditure. Properties with these allowances tend to be more valuable then identical properties.

These allowances are available when a commercial property is purchased, constructed, fitted out, refurbished, or extended. Even if these events happened a number of years ago, it may still be possible to go back and revisit the potential for a capital allowances claim.

Qualifying commercial property includes:

Shops
Offices
Hotels
Restaurants
Care Homes
Pubs
Factories
Industrial units
Warehouses
Student Flats Communal Areas

Here are some practical steps for you….

Identify any commercial properties you have bought or improved where you have not claimed capital allowances.

Ascertain whether you have profits to offset the allowances against.

Capital allowances are a tax relief. It is important to ascertain whether you are paying tax or are expecting to do so.

Undertake a site survey to take an inventory of everything in, on and around the premises. Some things may qualify for this tax relief. Desktop reviews can be performed in certain circumstances.

Produce a HMRC friendly report and apply to HMRC for the relevant refund.

In consultation with our Business Friends ‘Yes Tax’ we have produced a great Fact Sheet. This will answer most initial questions about Capital Allowances for you as a Commercial Property owner. Click HERE to download your FREE fact sheet.