As Capital Allowances provide the only means for claiming tax relief for property related investments or capital expenditure, it is important to ensure that you making your legitimate claim for the cost of those qualifying items to be written off against taxable income (for individuals) or profits (for companies).
The Capital Allowances Act 2001 determines the basis of tax relief for depreciation of investments or capital expenditure in Commercial Property.
Claiming for Capital Allowances are often overlooked because the necessary knowledge of construction costs and the relevant legislation as well as the quantity surveying skills to support a claim are outside the remit of most accountants.
A survey must be carried out of the property specifically for the purpose of identifying and valuing Capital Allowances, if this has not been done it is very likely that you have not made a claim for property related Capital Allowances.
If you are considering buying or selling a Commercial Property you will need to protect your entitlement to claim Capital Allowances in the negotiations and contractual arrangements for the purchase.
Aaron Grant provide highly specialist services to identify and value the property related capital expenditure in accordance with HMRC’s requirements and the Capital Allowances Act 2001 to enable owners, buyers and sellers to maximise their tax benefit.
Our services are provided on a NO CLAIM NO FEE basis