Are you aware that substantial tax savings may be available to you if you’ve refurbished your commercial premises, regardless of whether you own or lease it?
Upon completing a refurbishment of a commercial property (even a holiday home!), businesses have the opportunity to claim capital allowances for specific items of plant and machinery that are incorporated in the refurbishment, resulting in tax savings that could amount to thousands of pounds.
Do you own or lease a commercial property that have any of the below items of plant that are eligible for capital allowances?
Businesses of all shapes and sizes can claim capital allowances on refurbishments. This includes sole traders, partnerships and limited companies.
Typically, the average capital allowances claim for a refurbishment exceeds 60-70% of the total investment expenditure and for small to medium-sized businesses can be claimed at first instances, in full, under the £1,000,000 annual investment allowance.
Example of tax savings from a £200,000 refurbishment:
*It's important to note that not all expenditure will be eligible for capital allowances as the specific eligibility criteria can be complex.
So how can we help you save money for your business?
With our detailed technical knowledge and years of experience in the industry, our aim is to ensure that you’re identifying qualifying assets and not missing out on these government incentives. We work with clients all over the UK to maximise these opportunities for their businesses, helping them in this niche area of capital allowances to identify every penny for their business to utilise.
We know what you’re thinking, “Why haven’t my accountants claimed this for me?”. Unfortunately, the tax legislation surrounding capital allowances is constantly evolving and identifying qualifying plant is complex and time-consuming. But that’s where we come in to help your accountants claim what you’re entitled to.
By not claiming capital allowances, you could be missing out on a significant amount of money. So it’s time to stop overpaying and start claiming what’s rightfully yours, contact us today to find out if your business qualifies for this incredible opportunity!