Accountancy made clear.
Property Capital Allowances: Does your property qualify?
If you own commercial property in the UK or Northern Ireland (freehold or leasehold) pay UK tax, and have either bought, built or improved the commercial property, there is a good chance there are unclaimed property capital allowances waiting to be claimed.
Staggeringly 80% of business' that can claim have never done so!!
This isn’t tax evasion and it’s unlikely that your Accountant will have already claimed on your behalf...it’s simply little-known legislation that requires a very specialist team, including surveyors and tax experts.
HMRC estimate that 80% of Commercial property owners, that could claim have never done so....in most cases they are unaware that these allowances are claimable or even exist.
Offices, retail premises, serviced-accommodation, bed and breakfast establishments, pubs, clubs, hotels, wine bars restaurants, care homes, vets, doctors, dentists, factories, industrial units, garages...they all qualify for property capital allowances.
Who can claim? & what's the criteria
Commercial property owners or lease holders
Must be paying UK Corporation or Personal Tax
Property must be involved in a "Qualifying Activity"
Trades and Professions
UK and overseas property businesses
Successful claims can be worth £15k to £500k as a rebate or offset against future tax liability.
Use our Claim Calculator to get an estimate of how much you could be owed.
This calculator gives an indicative estimate only, based on the figures you enter. It is not a guarantee of any claim, refund or tax saving. Actual allowances can only be confirmed after a property survey and a review of your tax position.
We work on a fee basis based as a percentage of the rebate we obtain for our clients...so zero fees if we can't save you money. You could be sitting on a tax refund of £50,000 or more...if you own the freehold or leasehold on commercial property you can claim.
Common Misunderstandings on Property Capital Allowances
Our Accountant has claimed everything already
It’s unlikely: your Accountant will have claimed Asset Capital Allowances on your behalf but unless they have commissioned a full Property Survey, then it's highly unlikely that they have claimed all your Property Capital Allowances.
Plant & Machinery can only be claimed in a factory
There are over 400 definitions of what can be claimed as Plant & Machinery: We worked with a sheep farmer who successfully claimed for his Sheep Dogs, as "Plant & Machinery".
Property Capital Allowances can only be claimed when selling
If you own a commercial property bought before 2014 you can claim if you have not claimed previously, but if you sell a property after 2014 and don't claim at the point of the sales contract, then the opportunity to claim is lost forever.
As a firm of Chartered accountants who specialise in this area, we can virtually guarantee you that you are missing out on tax rebates from HMRC if you have not had a full PCA survey on your properties.
The Process of claiming Property Capital Allowances that could be claimable on your property portfolio.
It is a straight forward process, very transparent and completed in total confidence. We work hard to ensure that you receive the tax relief you are entitled (by Law) in a way that requires very little time and effort from you.
We ask you 6 questions about your investment property and your tax situation. We only need an hour of your time to gather information, answer all your questions and talk you through the process, then we do the rest.
We prepare a full illustration of the likely tax savings you can expect, either as a tax refund within weeks, and/or against your future tax bills.
We email the illustration to you (and your accountant) then discuss the figures with you and explain how the process works.
If it all makes sense to you we ask you to sign our engagement letter, so we can start our due diligence process. This gives us authority to check the Land Registry Office, to ensure there has been no previous claims, and to speak to your accountant. We then contact you to arrange a survey your property,
Once surveyed we identify everything claimable and prepare our report for HMRC. We will either help you submit that or organise it with your accountant.
We invoice you for our fee for our work, which is a small percentage of the Property Capital Allowances identified to be claimed against.
Edenhill Accountants provides accountancy, tax and business support to owner-managed businesses, sole traders, landlords, property investors and individuals across the UK.
102 Edenhill Road, Peterlee, County Durham, SR8 5DE
01642 000000
Company Number: 15969310
General information only, not personal tax or financial advice. Tax rules change and depend on your circumstances. Property Capital Allowances estimates are indicative and are not a guarantee of any claim or refund. Edenhill Accountants Ltd, registered in England and Wales, company no. 15969310.