Why haven’t I heard about them? You are not alone! They have been enshrined in law since 1878. HMRC stated recently that over 90% of commercial property owners had not claimed them. Are you one of those?
Surely my Accountant and I will have claimed everything we can? Unless you have had a survey report by a Capital Allowance expert, usually 12-15 pages, it is unlikely that you have claimed. This is a very specialised area or property tax law and we are here to help.
Do the tax savings have to be paid back when I sell? No, they are yours as a right and you are free to use the savings in any way you wish.
Will it affect the Capital Gains tax I have to pay? No, it can’t be used to offset CGT payment but it will help pay the bill.
Isn’t it all very risky? Will HMRC claim the money back if they investigate my tax affairs? This has never happened in over 10 years and we have £1.75 million PI cover for every case. You are never at risk.
Is it a tax scheme that could be stopped? Very unlikely as it has been enshrined in law since 1878. This year the Annual Investment Allowance (AIA) was increased to £500,000, confirming the government support of Capital Allowances.
How much do you charge? A small percentage of the Capital Allowances identified after the survey. Please contact us for a full illustration (contact details below).
Are there any up-front fees? None whatsoever and no charges if a claim is unsuccessful. Our fees are always paid out of the tax saved.
Can I claim for HMO’s, multi-lets and student lets now the law has changed? Yes, but only for the non-dwelling and communal areas. The usual savings average 12.5% of the original purchase price.
All of these questions are answered in more detail on our websites www.thebaileygroup.co.uk and www.hmotax.com
Please ring Bill Loryman on 01327 340408 for more information.
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