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For Accountants

Our approach is one of partnership.  We have a policy of open communication and provide expert input in property surveying, identifying and valuing  qualifying plant and machinery, requiring detailed knowledge of the relevant statute and case law.  We work together in assessing the net increase in Capital Allowances – over and above those already identified and claimed, usually on an invoice-submitted basis.

We strive to meet self-assessment tax return criteria for capital allowances, that is, that it is up for the submitter to take reasonable care and attention as to the accuracy and legitimacy of the tax submission. We therefore explicitly all the required due diligence, statements, apportionments, and substantiations. We are often asked the following questions by accountants:

  • Is there an impact on CGT on ultimate disposal?  This is a common misconception, provided the property is sold at a gain, there is no impact.
  • For landlord clients, what if there is insufficient net rental income – won’t the Capital Allowances just create a loss situation?  Again, a fairly typical misconception.  For UK individuals, Capital Allowances benefit from sideways income relief.  This is clearly specified in the HMRC’s manual PIM4220, see http://www.hmrc.gov.uk/manuals/pimmanual/pim4220.htm
  • Do residential buy-to-let properties qualify?  You can’t claim capital allowances for expenditure on fixtures for use within a UK or overseas property used as a dwelling house that you rent out. However, items for use within common parts of a building may qualify.

Business Link also provides some clear guidance on Capital Allowances at http://www.businesslink.gov.uk/bdotg/action/layer?r.i=1086385315&r.l1=1073858808&r.l2=1086692188&r.l3=1086445219&r.l4=1086384812&r.s=m&r.t=RESOURCES&topicId=1086445219

Examples where we have helped clients

  • Client had already claimed £150,000 of allowances on new doctor’s surgery – we identified a further £240,000
  • On a children’s nursery, we identified a further £120,000 of qualifying expenditure, following a survey and reconciliation exercise
WE CAN SAVE YOU TENS OF THOUSANDS IN TAX RECLAIMS AND FUTURE SAVINGS.

CALL US TODAY ON 020 3291 1943


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