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What are Capital Allowances? |
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Capital Allowances are amongst the most valuable and least exploited methods of reducing property owners' income tax or corporation tax liabilities. |
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What Capital Allowances can be claimed? |
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It is normal for accountants to claim Capital Allowances for "movable" fixtures and fittings in a commercial property. However, they cannot claim such allowances for the "immovable" fabric of the building, which is however viewed as a non-depreciating asset.
The opportunity we are concerned with is the class of assets in the grey area between "movable" and "immovable". Clearly office furniture is movable and the roof is immovable. But what about air conditioning, emergency lighting, heating systems and alarm systems? These are normally considered by accountants as "freehold improvements" and not therefore eligible for Capital Allowances. |
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How do we make it possible to claim on these "immovable" assets? |
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It is this grey area where we specialise in ensuring you can claim your full allocation of Capital Allowances. Where an accountant will solely rely on recipts for all your expenditure, we carry out a FREE PROPERTY SURVEY where we detail every single immovable item and assign a total value to these previously unclaimed items. The result of this survey, in most cases will provide you with up to 35% of the freehold property value. |
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Even when businesses hear about our service, there is often a common misconception that because the expenditure occured in the past, they can no longer make a claim. This is not the case, their is no time restriction on when you can claim these allowances. |
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Capital Allowances arise from capital expenditure on: |
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- Purchase of an existing or newly built property
- Construction of a new property
- Building alterations, extensions and refurbishments to a property
- The fit-out of let property
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The different categories of property carry usually with them a varied percentage for claiming of Allowances. Categories include:
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Commercial |
18% - 30% |
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Retail |
up to 15% |
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Healthcare |
20% - 30% |
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Industrial |
5% - 20% |
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Leisure |
18% - 30% |
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Education |
15% - 25% |
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We will quickly identify the validity of a claim without obligation. If a claim does not proceed there will be no fee. |
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What is a Retrospective Claim? |
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A Retrospective Capital Allowance claim is an exercise where the client’s commercial property is comprehensively surveyed by us to identify any qualifying items that, for numerous reasons, have previously not been claimed.
This positive exercise will lead to an adjustment of the capital allowance pool to reflect the position of “embedded fixtures” within the freehold, with a subsequent amendment to a maximum of the last two years tax returns (subject to their filing dates).
For post March 2008 freehold expenditure, many of those embedded fixtures are to be re-classified as ‘integral features’ attracting capital allowances at the reduced special pool rate of 10%.
Subject to our qualifying criteria, the exercise can apply to the vast majority of commercial property owners. |
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Current Year Claims |
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A current year claim is where we identify additional capital allowances which can be used by the client accountant for inclusion in a tax return for a year not yet submitted.
To arrange an informal meeting with one of our Capital Allowance specialists, please call us 01246 293011, alternatively email sales@salmon-business.com |
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What can I expect to achieve? |
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Whilst every case is different, and each sector has its own expectations, as an average we would hope to identify additional capital allowances of some 20% - 35% of the freehold cost.
For example, if we identified an additional £200,000 in previously unclaimed allowances for a 40% tax rate payer, it would generate an £80,000 benefit! + NIC savings. |
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Request a Call Back
Just give us your telephone number and a time to call you. |
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