Capital Allowances and What You Should Know if You Are a UK Commercial Property Owner
When you spend money buying or improving a property, HMRC allows you to offset some of that expenditure against your profits, or general income for tax purposes.
To claim capital allowances you must meet the following requirements:
- You are a UK taxpayer
- You own a UK commercial property (minimum purchase price of £200k)
- The property is not held fully within a pension fund, charity, government owned or traded as stock
- You have paid UK tax in the past 2 years or will in the future
A specialist capital allowance claims company can work with your existing advisers to identify and create retrospective and current capital allowance claims that lead to substantial tax refunds. By adding value , their accounting and surveying experts identify previously unclaimed Capital Allowances reliefs that were part off the purchase price but were never identified during the buying process.