Are you claiming correctly?
Many UK businesses may be paying too much tax because they underestimate the proportion of their capital expenditure which qualifies for capital allowances.
Although on some occasions identifying qualifying expenditure is straightforward, in many instances the expenditure on buildings and building works can be less than straightforward. This can require the application of not only tax but also surveying skills. It is therefore often difficult for businesses to work out the full relief due to them.
Capital allowances are available to those who incur capital expenditure on extensions, refurbishments, new builds or even second property acquisitions. Whilst the government and HMRC are forever closing perceived tax loopholes and putting pressure on businesses to pay the 'right amount of tax', businesses will fall behind if they fail to take full advantage of tax incentives such as capital allowances which are fully encouraged by the government. It is more important than ever before to consider the capital allowances implication before buying or selling an existing property, in order to ensure the correct documentation is in place otherwise these allowances could be lost forever.
Please contact us if you are requiring assistance in this area.