Have You Claimed Your Capital Allowances in Time?

COMPANIES WITH Y-E 31 DECEMBER MUST CHECK NOW IF THEY HAVE CLAIMED ALL THEIR ALLOWANCES

YESTAX IS UNDERTAKING ENTITLEMENT REVIEWS TO ENSURE NO OPPORTUNITY OR DEADLINE IS MISSED

Have you purchased or significantly improved your commercial property in the last 2 years? Extended, renovated, refurbished or fitted-out?

To get the best, accelerated reliefs available for spend incurred in the Y-E 31 December 2023, you must submit your capital allowances claim by 31 December 2025, otherwise the tax relief is slow and delayed over many years.

It is worth noting that you don’t have to own the property. Tax relief is available for companies, partnerships or individuals who lease their commercial property and spend money on one of the qualifying activities listed above.

Property Purchases

Did you buy a commercial property in your Y-E 31 Dec 2023? Tax relief claims in relation to property purchases are the most often missed. YesTax provide free, no commitment entitlement reviews for your property purchase to assess your scope to claim capital allowances.

In qualifying cases 10% – 40% of the purchase price can potentially qualify for allowances. On a £1m purchase this would equate to £25k – £100k of tax savings assuming a 25% corporation tax rate.

Improvement projects

For large capital projects such as constructions, refurbishments, extensions and conversions, significant value can be unlocked by a specialist review. We are always happy to perform a free review to ensure you have claimed all you are entitled to.

The qualifying amounts vary by project but in the region of 40% – 60% of spend may qualify for first year allowances. For a £500k refurbishment this could equate to corporation tax savings of £50k – £75k.

For a free entitlement review of your capital spend, get in touch:

natalia@yes.tax

cal@yes.tax

T: 0114 5537850