Property Capital Allowances - Common Misunderstandings
Common Misunderstandings / Myths explored...
1. Our Accountant has claimed everything already
No…that’s unlikely: your Accountant will have claimed Asset Capital Allowances on your behalf but unless they have commissioned a full Property Survey, then it’s highly unlikely that they have claimed all your Property Capital Allowances.
2. Plant & Machinery can only be claimed in a factory
No…there are over 400 definitions of what can be claimed as Plant & Machinery: We have worked with a sheep farmer who successfully claimed for his Sheep Dogs, as “Plant & Machinery”.
3. Property Capital Allowances can only be claimed when selling
No…If you own a commercial property bought before 2014 you can claim if you have not claimed previously, but if you sell a property after 2014 and don’t claim at the point of the sales contract, then the opportunity to claim is lost forever.
As a firm of Chartered accountants who specialise in this area, we can virtually guarantee you that you are missing out on tax rebates from HMRC if you have not had a full Property Capital Allowance survey on your properties.
We are Chartered Accountants and have helped over 4000 clients mitigate their tax liability and we employ over 60 staff to help you minimise your tax liability.
If you would like to know more please give us a call on 0191 586 1615 or click here to get in touch with us.
Along with all of the individuals and businesses we’ve helped over the years, we’ve also worked with nearly 1,000 accountants since we were established, helping their clients submit Capital Allowance claims on their Commercial / HMO properties. Many now refer their clients to us, as a matter of course.
Check out what some of them have to say below…
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