Capital Allowances – Property
If you are an owner of commercial property or furnished holiday let and subject to UK tax, you are entitled to claim capital allowances on qualifying fixtures in your properties. Capital allowances apply whether you own the property as an investment or it is used in your trading business.
Qualifying expenditure can arise on:
- the acquisition of a building;
- the construction of a new building;
- the extension, alteration or refurbishment of an existing building; and
leasehold improvements to a rented property.
The expenditure can include:
- lighting and electrical systems;
- air conditioning;
- heating; and
- sanitary ware.
You could make substantial tax savings with a review of your capital allowances claims, yet less than 10% of UK commercial property owners have made a claim.
Are you missing out on tax relief related to a commercial property purchase?
Get in touch to see if we can assist.
Meacher-Jones can add value with specialist tax advice to help you legally manage and minimise liabilities in the following areas:
- Income Tax
- Capital Gains Tax
- Inheritance Tax
- Corporation Tax
Our aim is to create a strategic tax plan that allows you to earn, save, invest and protect your money as efficiently as possible.
Tax planning needs forward, strategic thought to achieve the best outcome, which means that we work with you to produce a bespoke solution that helps you achieve your goals.
Why not talk to us today about your tax planning options.
If you or your business is the subject of a tax investigation, we know you will need specialist help to guide you through the process.
From simple enquiries of an individual aspect of a tax return, to a full inspection of the business, at Meacher-Jones our specialists can represent you and provide constructive advice.
We offer our first consultation free of charge to enable us to learn about your situation, your business and financial circumstances, before creating a solution to suit your requirements.
Why not get in touch today to see how we can help.
Tax Investigation Insurance
HMRC investigations are more common than many people believe and any UK tax payer or business can be selected for an enquiry by HMRC.
The costs involved in respect of full enquiries, aspect enquiries & VAT disputes can be significant. Even if HMRC find nothing wrong with your business and there is no additional tax to pay, the costs of a tax investigation can seriously impact on your financial security, your ability to focus on running your business and the inevitable stress which they bring.
At Meacher-Jones, our clients have the option to take out an insurance policy with Markel Tax, which enables them to reclaim fees which may be incurred in these investigations.
Included in the policy is access to a 24 hour business legal helpline, where a team of qualified solicitors can assist with employment law, health and safety and commercial matters.
Although we are only a small company it is extremely important that we had as smooth as transition as possible, since any disruption can negatively affect us very quickly.
In fact during this process we realised that we had now been working together with Meacher-Jones for the past seven years and in that time I can’t think of any issue that has required more than a couple of hours and has disrupted the day to day operation of the company in any way.
In addition, when we were first approached by David, we were apprehensive about changing to a new Accountant Company, especially when so many support companies offer an initial very attractive package, but after a short time the cost of the service slowly increases.
In fact with Meacher-Jones that couldn’t have been further from the truth.
With all the above in mind could you please pass our thanks on to all the staff who have been involved in our accounts over the last seven years, with special thanks to yourself, Matt and Roger Huntriss, who is sadly missed since leaving with ill health.
Thanks once again