Capital Allowance Q&A's

We know that Capital Allowances on Fixtures can be a complicated area of tax to explain, so we have listed a number of responses to some common questions that you might have.

What are Capital Allowances?

Capital Allowances are a form of tax relief given in place of depreciation (which is not allowable for tax purposes) on qualifying items of plant and machinery.

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Is there a time limit to access these Capital Allowances?

There is no statutory time limit on how far back we can look however, the purchase could have been many years ago

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What fixtures can I claim Capital Allowances on?

What Capital Allowances can be claimed on will vary from building to building and between different industries.

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Capital Allowances from a program of construction works

Picking up all the Capital Allowances eligible expenditure in a development or renovation is not always as straight forward as it sounds.

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Capital Allowances when a property changes hands

When you buy or sell a property there are several requirements laid out in the Capital Allowances Act all transactions post April 2014 must comply with.

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Won’t my Accountants be doing this already?

Claiming allowances on movable items of plant and machinery (IT equipment, machinery, vehicles etc) is very much within the skills sets of most general practice accountancy firms.

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Which buildings can claim Capital Allowances?

Meet Our Team

"We keep fantastic company and are proud of our trusted relationships. We’re exclusive Capital Allowance partners of PFP, accredited members of the Association of Taxation Technicians and endorsed partner of EMW Law LLP."

Capital Allowance Claim Timeline

Initial review

With just the property address and purchase price we can conduct some background research and provide an initial indication of the estimated Capital Allowances

Paperwork

After speaking with the client and answering any questions they may have regarding Capital Allowances and the process of claiming these, we will issue our Engagement Paperwork, to be signed and returned

Paperwork returned

Once the paperwork has been received, our team will ask the client for a copy of certified identification and proof of address for AML checks

Research

After the AML checks have been completed, we will be contacting the client’s Accountant and Conveyancing Solicitor as well as checking the property history with Land Registry and previous owners. This usually takes 2-4 weeks

Research Returned

Once we have the information returned from all parties, our team will have the full picture. We can then determine if a claim is possible. In the unlikely event no claim is possible, there will be no charge for the time invested

Surveyor Visit

At this stage, our team will liaise with the client and tenants to arrange a site visit. One of our Chartered Surveyors will visit the property at a time that is convenient for all parties

Site visit & Analysis

After our Surveyor has conducted his visit and listed all items eligible for Capital Allowances; he will send the site data as well as supporting photographic evidence to our Tax Advisers and Chartered Accountants for review

Report Complete

With all checks complete, research and logged all eligible items. The information will be analysed and an extensive, full disclosure report showing a breakdown of all newfound Capital Allowances is issued to the client. This report can then be forwarded to their Accountant for submission to HMRC. At this stage, our invoice will be issued for payment

 

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Estimated Allowances

£0.00

Cash Benefit

£0.00

Please note: These are estimates, rates can vary depending on your circumstances.

Our offices

Head Office

16-17 Queens Road, Brighton, BN1 3WA

01273 044038 brighton@s-tax.co.uk

London Office

90 Chancery Lane, London, WC2A 1EU

0207 147 9940 london@s-tax.co.uk

Glasgow Office

272 Bath Street, Glasgow,
G2 4JR

0131 605 4038 glasgow@s-tax.co.uk

Plymouth Office

Salt Quay House, Plymouth, PL4 0HP

01752 922 038 plymouth@s-tax.co.uk
 

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