| |
Frequently Asked Questions |
|
| |
Here is a selection of the most commonly asked questions. |
|
| |
|
|
| |
The more commonly raised points have been detailed and answered below, however for any questions that are specific to your actual home, you are advised to contact one of our Capital Allowance Specialists direct on 01246 293011. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Hasn't my accountant already claimed for everything I am entitled to? |
|
| |
Most business owners assume their accountant has already dealt with their Capital Allowance claim, but in the majority of cases this claim will not have been fully maximised. In our experience we will find up to 35% of the freehold value which has been previously unclaimed. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
How do I know is my accountant has already claimed these allowances? |
|
| |
Has your accountant conducted a complete site survey of your property, detailing every embedded fixture throughout your building. This survey should have included highly detailed notes and hundreds of photographs. If your accountant hasn't done this, then you haven't fully maximised your Capital Allowance claim. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
I don't want to upset HMRC |
|
| |
We have established a good relationship with HMRC throughout our ongoing work with previous clients, and have developed a good working relationship. The role of HMRC is to collect all taxes that are due in a consistent and fair manner. Case law has already established clear lines between what can and what cannot be claimed. We only identify claims that are strictly within the law and will be agreed by HMRC |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Who can make a claim? |
|
| |
We can make Capital Allowance claims for owners of commercial property in just about every business sector, particlaurly those have paid tax within the last 2 years. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Can individuals claim? |
|
| |
YES - We have carried out claims for individuals that charge a commercial rent for a property they own to a trading company such as care homes, office blocks, student apartment blocks, leisure parks, day nurseries, hotels and pubs etc. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
What are the exceptions? |
|
| |
Properties where industrial building allowances (IBA's) have been claimed, property held in trust or offshore, pension funds, or properties held by Local Authorities or Charities.
|
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Time limits of ownership? |
|
| |
Where purchases of properties took place over 15 years ago it is often difficult to find records pertaining to the building purchase. We try to advise clients that a time bar of 15 years is used unless recent valuations have been obtained due to inherited properties.
|
|
| |
__________________________________________________________ |
|
| |
|
|
| |
What is the minimum value of freehold to be considered?
|
|
| |
The related acquisition cost needs to exceed £300,000
|
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Will this take a lot of my time? |
|
| |
We only require basic information from you; then we do all the work on your behalf. When our surveyor visits your property they will gather most of the information they need. Their is very little we actually need you to do. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Does claiming Capital Allowances reduce the value of my property? |
|
| |
No, you have a right to claim Capital Allowances and, whether you claim them or not, they are taken into account when the property is valued for commercial or accounting purposes. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Will claiming Capital Allowances have an effect on my Capital Gains Tax position, if I sell my property? |
|
| |
It is a common misunderstanding that claiming Capital Allowances somehow reduces your net purchase price, thereby increasing your Capital Gains Tax liability. This is completely false. The tax legislation and HMRC guidelines makes it very clear that Capital Allowances will not increase a capital gain. |
|
| |
__________________________________________________________ |
|
| |
|
|
| |
Can leasehold properties be included?
|
|
| |
YES - A claim can be made regarding a long lease over 25 years, or where significant tenent improvements have been made. (subject to lease).
|
|
| |
__________________________________________________________ |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
Request a Call Back
Just give us your telephone number and a time to call you. |
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
__________________________________________________________________
_________________________________________________________________ |
| |
|
|
| |
|
|
| |
|
|
