Capital Allowances

One of the most valuable reliefs in the UK tax system is capital allowances. There are several businesses throughout the UK who ignore valuable claims or do not claim their entitlement for capital allowances which means they could be losing out on hundreds of thousands of pounds.

Capital Allowances

What is a capital allowance?

Capital allowances need to be identified within your client’s commercial property as they could be hidden inside walls, floors and ceilings. Once these allowances are identified, they can be used to offset or eliminate tax liabilities. Capital allowances are claimable on most items which when removed from a building do not directly affect the structure of that building.

The average benefit for Capital allowances for clients is £46,000.

Why should you claim capital allowances?

Claiming capital allowances could have a positive impact on your cash flow as it means receiving a reduction in tax. A reduction in tax can be a great opportunity for a company to retain more cash which they can be invested into other areas and can bolster further growth.

How to recognise a capital allowances opportunity

There are a few different ways that capital allowances can rise including:

  • Expenditure incurred on purchasing, extending, constructing or refurbishing a commercial property.
  • Selling or buying a commercial property – as part of the contract, the value of the capital allowances must be agreed, if the sale or purchase was after April 2014 the claim can be lost.
  • On the building itself – where other forms of capital allowances are not available, the recently introduced Structures and Buildings Allowance (“SBA”) may be claimable. This SBA allowance only applies to commercial properties purchased on or after 29 October 2018.
    How Vantage Fee Protect can help

How to claim Capital Allowances

Our team here at Vantage Fee Protect can help to maximise the tax deductions which are available to your client by carrying out a detailed review to identify the items that qualify for capital allowances.

With up to date knowledge of tax legislation and HMRC we can deliver well researched and prepared capital allowances claims. This allows us to meet the requirement of inspectors, making it a stress-free process for you.

Remember where there is a building, there is usually a tax saving to be achieved with the use of capital allowances.

Our capital allowances service includes the following:

  • A detailed review and survey of the property to establish the claim
  • A complete valuation of items which may qualify
  • A report of the items which qualify as expenditure for HMRC reference
  • Advice on identified tax allowances
  • Although we have never lost a claim, we will provide defence for you or your client if HMRC seek to challenge any aspect of the report

Vantage can help to claim your Capital Allowances. Please fill in the form below and the Vantage Capital Allowances team will be in touch to discuss your Capital Allowances requirements.

Capital Allowances

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Vantage Fee Protect Customer Testimonials

Having changed over to Vantage a couple of years ago we have been very satisfied with the service. Especially the claims handling and technical advice lines for both our firm and insured clients on employment and business legal matters. The webshop Vantage offer allows our clients to join and pay electronically. This positively impacts our bottom line and makes things simple and efficient for our clients.
Linda Giles Chartered Accountant

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