It is a little known fact that when the Capital Allowances Act 2001 was introduced, it made available certain allowances for assets attached to your property. HMRC introduced these allowances to encourage more investment into commercial properties from individuals and businesses.
These items would include air conditioning, heating systems, kitchen and toilet fittings, security systems, specialist electrical equipment, sanitary ware, suspended ceilings, and more. These items can be considered costly to run, which is why it is important for commercial property owners to claim the tax refunds they are entitled to on these important items.
The relief can be as much as 40% of the cost of a property and higher for alterations, extensions and refurbishment and, if you bought or undertook that expenditure in the last two years may well be all immediately available.
It has been recognised that close to 80% of such allowances remain as yet unclaimed. This is because of the complexity of the subject and the requirement for a specialist team of chartered surveyors, chartered tax advisors and quantity surveyors are required.
Knight Wolffe have teamed up with an Embedded property Tax specialist who can identify embedded items that would qualify for allowances within a commercial property, quantify the level of allowances that can be claimed and prepare and submit the report to HMRC for approval for the refunds. , and what’s more, they have a 100% success rate with having claims accepted by HMRC.
On average, they would expect to find around 25% or the original purchase value of the property to be identified as allowable items, which represents £125,000 of allowances in a £500,000 property, which could result in a £50,000 tax refund to the property owner.
The work is carried out on a contingent basis, which means that you only get charged a fee if allowances have been identified and accepted by HMRC. So if they are unable to find allowances within your commercial property, all the costs are covered free of charge, making this a truly risk free exercise.
If you are interested in finding put more then please contact us on 0333 444 0325 or email us at firstname.lastname@example.org and we are more than happy to help!