Capital Allowances are used to mitigate your tax liability and are offset against your tax liability. An example of a capital allowance item is a car used for part of the business. In much the same way as a car is written down in your accounts, certain parts of your property can also qualify as capital allowance items and can be written down in your accounts, therefore usually reducing your tax liability.
Typical qualifying items include lifts, sanitary ware, carpets, electrical and some plumbing installations, plant plus the costs of installation and value added tax in certain circumstances.
As part of our instruction we value the capital allowance items in a property and prepare a suitable report. Generally your account is involved with the submission of the claim. The claim can be followed up by negotiations with the Valuation Office if necessary.
If you are contemplating a new build, extension or refurbishment please call us to discuss managing your capital allowance claim. Generally, the earlier you contact us the better in terms of obtaining the relevant information.
- Potentially mitigate your tax liability by maximising the value of your Capital Allowances.
- Valuation and submission of claims to the Inland Revenue.
- Negotiations with the Inland Revenue.
- Claims on existing properties.
- Claims on the costs of new build, property improvements or refurbishments.