Are you sure that you have claimed capital allowances?
For many reasons Capital Allowances claims have not been prepared for over 70% of commercial properties in the UK. Capital allowances may be claimed by a property owner or investor provided that they have incurred capital expenditure on an asset that they own and use in their business.
Similarly, tenants may claim capital allowances on expenditure on fixtures and fitting installed by them during the term of their lease provided that the lease is still ongoing and not about to cease.
You can still claim
Many Clients are not aware that they could have claimed capital allowances on the purchase of the property. A taxpayer can still claim capital allowances even where the property was purchased over 20 years ago, provided they still own it.
Pool it or lose it
Indeed, changes to the capital allowances rules in 2012, have raised the importance of establishing the capital allowances position before considering disposing of a property.
Have you claimed tax relief on refurbishments?
Similarly, capital allowances on refurbishment and fit out costs are sometimes not claimed.
However, in our experience, it is usually the case that a significant proportion of these costs can be tax deductible in some shape or form.
It is not too late!
Cavetta Consulting, can review the history of your property to see whether there is any opportunity to claim tax relief.
Review Of Historic Fixed Asset Registers
We can assist by reviewing the historical fixed asset registers to identify properties where a claim may be possible.
We can also request information on your behalf to establish whether a viable claim can be made.
Historic Claims
If you have not made a claim on the purchase, refurbishment or fit out of a commercial property, then providing that you still own or lease the property you can still claim capital allowances.
Our experience and knowledge can help overcome the majority of barriers to claiming such as poor or lost information.
New Fixtures Rules
Our review will highlight areas that need to be addressed before disposing of a property including the identification, valuation and reporting of qualifying expenditure and the preparation of any required elections.
We can also assist with identifying tax relief that is available to purchasers and convey this message to the market to help make the property you are selling a more attractive proposition.
