What are capital allowances?

Capital Allowances are a financially benefitting form of tax relief that is often missed. All commercial property will contain some assets which will qualify for capital allowances.  Examples include, but are not limited to: heating installations, electrical installations, sanitary equipment, hot water systems, security installations, air conditioning and the list goes on ….. Which once identified equates to (on avg) 25% of the price paid for the property.

At the time of purchase it is unlikely that you would have a detailed breakdown of everything that could potentially qualify, which is why your accountant may not have made a claim…and that’s where we come in.

By instructing Roger Hannah & Co to historically investigate and survey your commercial property, we can provide your accountant a detailed report for submission to HMRC, allowing you to obtain your valuable tax relief.

Retrospective claims on historic property purchases are also available and, assuming that the circumstances allow, you can potentially amend a previously submitted tax return to achieve an immediate Tax Rebate.

The Legislation changes from April 1st 2014 require the capital allowance position to be agreed broadly within two years of purchase, or be lost forever.  Practically, this should now be dealt with at the time of all property transactions.

So remember that if you own or are thinking of buying commercial property then speak with Roger Hannah & Co to find out their 5 easy steps to making a claim and understanding your potential tax relief position.