Did you know that there could be tax savings hidden within your commercial property?

If you are a UK taxpayer, and you own a commercial property, you could be owed thousands in Capital Allowances. It doesn’t matter how long you’ve owned the property or whether you own it as a company or privately; as long as it’s a commercial property, the tax savings and benefits available to you might be worth more than 40% of the purchase price.

What are Capital Allowances?

Commercial property owners can claim Capital Allowances on their property’s integral fixtures and fittings in a one-time, retrospective Capital Allowances claim. The Capital Allowances initiative allows you to claim for items that are often in a building when it is purchased, such as plumbing, heating systems, electric wiring, and other items that don’t have physical receipts and hinder your accountant from claiming.

  • Capital Allowances tax relief claims can lower your tax bill and, in some situations, result in a tax refund for prior years.
  • When purchasing, constructing, fitting out, or remodelling commercial property, Enhanced Capital Allowances normally cover the cost of purchasing plant and machinery as well as fixtures and fittings.
  • If no previous claims have been filed and you still possess the assets you want to claim for, you can make a claim on historic capital expenditure.

Unlocking the Capital Allowances Tax Savings in Your Property

Given the current economic climate, many business owners are unlikely to consider refurbishing, expanding, or building. Don’t be discouraged if you find yourself in this situation. It’s possible that you already have thousands of pounds in unclaimed capital allowances stashed away in your property. Historic claims can be made on everything from air conditioning to water pipes, lifts, and lighting in your building, as long as the assets still belong to you as the taxpayer.

Generally, when reviewing historic claims, additional value from properties is also uncovered. There are many instances where claims aren’t maximised to their true potential – This usually comes down to lack of awareness and thinking that allowances have already been claimed.

This means that if you have incurred any expenditure on the acquisition, construction, or refurbishment of your property in the past, it could certainly be worth revisiting your portfolio to determine whether you could be eligible to make any retrospective claims.

Surveyors and Specialists

Although many advisors are aware of capital allowances in some capacity, specialists are required to ensure that claims can be fully maximised. Specialist surveyors are needed to survey assets to unlock the true value of a claim. Capital allowances tax relief specialists are also required to review your entitlement and to gather all the necessary information to maximise your claim.

Enhance Consultants Ltd

The best way to understand the true value of Capital Allowances tax relief and to determine how much you could be entitled to claim, is to speak with one of our capital allowances advisors at Enhance Consultants. Our experts will easily be able to identify any areas which you may not have realised were eligible for capital allowances tax relief in the past, to maximise your claim.