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Capital allowances

Are you missing out?

Many UK businesses pay too much tax because they underestimate the proportion of their capital expenditure which qualifies for capital allowances. These readily available reliefs come in many forms primarily to encourage investment in plant and equipment.

Sometimes identifying qualifying expenditure is straightforward, but for expenditure on buildings and building works, it can be less than straightforward not only to identify qualifying items, but also to quantify the full cost, including a proportion of overheads. This can require the application of not only tax but also surveying skills. It is therefore often difficult for businesses to work out the full relief due to them.

Similar identification issues arise with expenditure on certain of the categories qualifying for enhanced reliefs (for example, Land Remediation Relief and ‘green plant’ etc.) 

In times when both government and HMRC are forever closing perceived tax loopholes and putting pressure on businesses to pay the ‘right amount of tax’, businesses will fall behind if they fail to take full advantage of government sponsored incentives such as capital allowances.

Allowances can generally be claimed retrospectively and without time limit although there are restrictions in certain cases such as on second hand fixtures. 

How can we help?

We have a wealth of expertise and combine both tax and surveying skills to help identify and claim for missed opportunities and maximise allowances on current expenditure.