What are capital allowances?
Capital allowances provide annual tax deductions, as a percentage of the amount spent on certain property-related plant and machinery including:
- electrical systems, including lighting systems
- cold water systems
- space or water heating systems, powered ventilation systems, air cooling or air purification, and any floor or ceiling included in such systems
- lifts, escalators and moving walkways
- some kitchen equipment
- bathroom suites and some fittings
- fire alarm systems
- CCTV systems
- burglar alarm systems.
As a business owner, you are likely to find the capital allowances regime a challenging one. With complex rules, and different percentages of tax relief available depending on the type of assets involved, working with specialists in the field, like Haslers, is a sensible step to help maximise the tax benefits.
For those taxpayers who own commercial property who have yet to make a claim, now might be an opportune time to review this and seek a refund of tax paid in earlier years.
How can Haslers help?
At Haslers, we provide support for capital allowance claims by the owners of commercial property and can review potential capital allowances entitlement on a no claim, no fee basis.
Using our service can bring significant financial dividends and we have achieved successful capital allowance claims of several hundred thousand pounds for clients.
Contact us for more information.
Capital Allowances: Would a tax rebate be beneficial at these unprecedented times?