Tax Planning – helping you save money

Thursday 16th February 2012

Frequently Asked Questions

What are capital allowances?

An allowance in the legislation to claim for significant items, such as heating and cooling systems, emergency lighting, security systems, etc. These items are often treated as part of the building cost and no allowance claimed, whereas with the correct approach they can all be subject to tax relief.

Why hasn’t my accountant already claimed?

Because HMRC makes claiming difficult. The tax relief is shrouded in complex legislation which is mainly the domain of surveyors, not accountants. It requires a crossover of surveying, valuation, tax advisory and accountancy skills to identify and claim.

Is there a lot of work involved?

We do the work for you. We will ask for certain basic details; our P&M surveyor will visit your property to identify, log and value the qualifying assets. Then we will send you and/or your accountant a report for submission to HMRC.

Does it work?

Yes. We use an independent surveyor who works with complex tables (historical land value and building costs) to compile a detailed, accurate, compliant and robust HMRC-approved report. The result is a 100% sign-off rate.

Is there a time limit?

Firstly, the sooner you claim, the sooner you get your rebate. Secondly, while a recent update in legislation allows us to do this, HMRC may legislate further against this to reduce the potential for claims; we therefore recommend that claims are submitted as soon as possible.

Ideally, contact us in October or November in order to claim well before the tax year end.

How long before I see the benefits on my tax bill?

The tax rebate on retrospective claims is immediate. The claiming process normally takes between 2 and 3 months. You or your accountant will also be able to keep hold or our report for future tax returns, so you can keep claiming in the years to come.

How much will it cost me?

• Our fee is 50% of the tax saving including VAT.
• Minimum fee: £1,500.

In other words, it won't actually cost you anything!