Do You Own Your Practice Premises?
HMRC could owe you £££’s in unclaimed allowances – We can help!
Elan & Co offers a special service to help you to receive these significant tax savings. Any commercial building can qualify for this tax relief.
Tax relief can be claimed for fixtures on commerical buildings such as:
- Sanitary Equipment
- Fire Alarm Systems
Also including features integral to the building such as:
- Lighting and Electrical Systems
- Heating and Ventilation Systems
- Hot and Cold Water Systems
You may also claim 100% tax relief on Energy Saving Products like:
- Pipe Installation
- Boiler Controls
- Heat Pumps
What Are Capital Allowances?
Expenditure on items of plant and machinery can receive a generous tax relief, called Capital Allowances, based on their rate of depreciation. These allowances reduce the amount of profits on which tax is paid and therefore your tax bill is lower. Allowances can be claimed for a new build but can also be claimed for fixtures forming part of second-hand buildings.
Making a claim is your statutory right!
The Capital Allowances Act 2001 allows purchasers of plant and machinery for use in their business, including fixtures and integral features in commercial buildings, to claim allowances on the cost of these assets. For buildings the claim is usually based on a valuation and apportionment of the cost incurred. There is no catch, no tax avoidance loop hole, and making claims for this relief is your statutory right.
Where claims have not previously been made for items already in use for the business the law allows relief to be claimed in the future as well as in the recent past. That means that substantial repayments or reductions of tax are possible.
Case Study: Dental Surgery
A dental practice in Yorkshire bought a freehold house and converted it into a surgery. The cost, including alterations £572,086. Following a detailed survey the fixtures and integral features were valued at £179,018, about 31% of the cost. The tax relief at 45% is worth £80,598.
We don’t get paid until we have all the work done for you!
The team at Elan & Co will carry out a detailed survey and provide an HMRC compliant valuation report on which you or your accountant can base a claim. You don’t have to pay a penny to us until the report has been completed and provided to you.
Finding out if you have a potential claim is free.
Frequently Asked Questions
If you are a UK tax payer and you have not claimed previously and you own a property used in business, you will probably have a valid claim.
Yes, if the property is still owned in the year you are making a claim, you will be eligible to claim Tax Allowances where they are available. There may be restrictions claiming tax allowances on properties purchased since April 2014, so you need to act quickly! To find out what you can claim, contact us now!
The really good news! There are no hidden fees and our initial review is entirely free and without obligation, so you will know how much tax you will save before you have to pay.
Claiming Tax Allowances on fixtures and integral features already included in property you have purchased will not reduce its value or the base cost of your property for CGT purposes.
The good news! You don’t need to do much. We will ask you to complete a short form to start the process. It’s alright if you don’t have all the details to hand. We understand how busy you are. We work closely with your accountant or solicitor to complete the report and source any details we need.
Items in commercial properties that give rise to Tax Allowances include, kitchen and toilet fittings, air conditioning, security systems, electrical equipment and heating systems. Also, there can be 100% tax relief on energy saving products, such as pipe installation, boiler controls and heat pumps. As 25% or more of the cost of a property used for business can be made up of these, there is a lot of tax relief to be obtained. Let Elan & Co do all the work to make sure you receive the maximum benefit of tax relief.
You can find our office location below