Download our R&D Tax Relief Information
Learn about the process of claiming Research and Development Tax Relief
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 Counting King 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.
Step 1: Client review meeting, with the research of the clients’ purchase or properties
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
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.
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.
If a company purchased a new asset (Building) for £500,000 to help its business. If this expenditure is partially funded by a government Capital Grant of £100,000. The total for Capital Allowances will be given on the net expenditure of £400,000.
In the year you close your business, enter a balancing charge or a balancing allowance on your tax return instead of claiming capital allowances.
As a part of your business growth, you will need to purchase assets as needed. Be that vehicles, machinery, furniture, or property. These could be eligible for Capital Allowances Tax reduction.
With a full review of your businesses, we can assess your full allowance and also claim retrospectively to make sure you get the best benefit available.
We will go through the report that will get submitted to HMRC to double-check there is nothing we have missed. Once we submit it to HMRC we will handle any questions regarding the claim until payment to you has been made.
We operate nationwide for a range of services and would love to help if possible.
Our highly trained consultants and analysts will look after you and all of your referrals so well, they will thank you for introducing us!