Capital Allowances

Learn if you qualify and see how much you could receive

Understanding

Capital Allowances

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.

The whole process is made simple:

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 

Building owners:

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.

Note:
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.

Example:

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.

If you close your business:

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 most companies purchase things to help grow; when you buy business assets you can usually deduct the full value from your profits before tax using annual investment allowance (AIA).

 

Process of Capital Allowances?

Your Tax Relief

Purchase

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.

Review

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.

Benefit

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.

For help or advice please contact us:

Get In Touch !

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!

 

0161 667 5069

info@countingking.co.uk

Magnetic House, Salford, M50 3XW

Quick links

Use our R&D Tax Calculator

Find Out How Much You Can Claim With Our FREE Research and Development (R&D) Tax Credits Calculator. You can even get the calculation emailed to you for future use.

Download our R&D Tax Relief Information

Learn about the process of claiming Research and Development Tax Relief