Capital Allowances
Everything you need to know
Over 50% of commercial property owners are yet to make a Capital Allowances claim. Are you one of them? With 96% of UK businesses missing out on Capital Allowances tax relief, there is more than £70 billion of tax relief left unclaimed.
The Capital Allowance benefit is aimed at people that fit into any of the wide range of expenditures. Typical items qualifying for capital allowances are cars and vans, computers, machinery, furniture, and non-residential buildings. Owners of UK commercial property, multi-unit residential properties, owners of Furnished Holiday Lets, improving or renovating properties, and selling or purchasing a property.
The Churchill Tax team of tax and valuation experts will carry out thorough due diligence on property transactions. We are experts in valuing allowances on both current and historic acquisitions, making sure you get the full benefit. The team of experienced Chartered Tax Advisers can optimise and correctly categorise a claimant’s Capital Allowances.
The whole process is made simple
Step 2: Production of a report including any Surveying
Step 3: Review all findings with the client and make sure nothing is missed and has been thoroughly explained to them
Step 4: Submit the claim to HMRC and address and HMRC Questions
Step 5: Clients receive tax relief
Building owners
With you being able to claim 40% of a building’s tax back as a relief; if you aren’t claiming this or are unsure if you can, find out if you are eligible to claim. It does not matter how long you have owned the property for either, whether privately or as a limited company.
Note:
- No allowances are usually given for letting out residential property.
- Currently, there is no limit on retrospective claims. It is possible to make a historic claim as long as the items in the claim are still in use for the purpose of trade.
- Claims for Capital Allowance Relief must be made as part of your tax return. This could be personal income tax, partnerships, or corporation tax for limited companies.
Example
If you close your business
COMPLEX TAX INVESTIGATIONS
BOOK A CONSULTATION
Churchill Tax provides all types of tax advice on complex issues to individuals and companies across all sectors. We make the time and effort to understand our client’s businesses and needs and our tax experts have a proactive and flexible approach to helping clients overcoming the challenges they face.
GOT A QUESTION?
Your Tax Relief
Purchase
Review
Benefit
WHAT WE OFFER
When appointing a Tax specialist to act on your behalf, it’s important to know that you’re in good hands. You need to know that the advisor you appoint has the experience, skills and courage required to achieve the best possible outcome for you.
Our role is as much about supporting our clients personally as it is about providing professional and effective Tax representation. This is why we have implemented facilities such as flexible payment options , that aim to make the process straight forward and stress free.
Have you received a notification of HMRC investigation?
BOOK A CONSULTATION
Churchill Tax provides all types of tax advice on complex issues to individuals and companies across all sectors. We make the time and effort to understand our client’s businesses and needs and our tax experts have a proactive and flexible approach to helping clients overcoming the challenges they face.