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Capital Allowances
Capital allowances offer tax relief by prescribing a statutory rate of depreciation for tax purposes. Based on UK statutory law, capital allowance claims are not a form of tax avoidance, rather an encouragement provided by the government to invest in capital equipment. This includes commercial property, by allowing most taxpayers the benefit of a deduction from taxable profits.
Thousands of cases which have been submitted have been approved and paid out.
In property, certain types of capital expenditure such as new and existing industrial buildings and plant and machinery in all commercial buildings, qualify the investor for deferment of tax liabilities.
Eligibility
In order to be eligible for capital allowances, the investor who owns the property must be a UK tax payer. The property itself must be for commercial use and not held within a pension fund.
Service
At Peter Robb Associates, we work directly for clients or collaborate with their tax specialists or accountants. We identify and provide professional justification for capital allowance claims. Additionally, we rely on our significant database of information to substantiate claims.
Qualifications
As Chartered Surveyors, specialising in quantity surveying, we are well qualified to deal with capital allowance claims. In addition, we utilise our extensive industry experience as well as regularly monitoring HMRC rulings and changing legislation.
Process of a claim
To make a start to claiming your capital allowance, take a moment to view our Capital Allowance Guide page.