There are many different tax laws in this country and so it can be difficult to keep track, even for accountants. There are plenty of things you can claim for in varying situations, but in lots of cases it just isn’t worth the effort. Most of these are well-known, which is why it comes as a surprise that businesses up and down the country could be losing out on huge sums due to an unused tax claim.
Using capital allowances, companies can claim tax relief on the commercial properties that they own. This includes loads of things such as:
Essentially, it’s anything related to the building itself. Such things will still be eligible even if the property was bought up to ten years ago. This means you could be sitting on a huge tax relief claim right now. There is a little bit of a problem though. Without a receipt for these items you will to have a proper analysis taken out on your property to figure out exactly how much these things are worth. There are specialist firms available who can carry out this service for you.
So how much could you save from this exactly? According to CA Tax Solutions, with a normal £1m property, they are likely to find £200,000 to save, which is incredible. What about for your smaller business though? You could be looking at 25,000 for an average SME which owns a property. They have managed to find millions worth of savings so far (£10m was found one property alone).
While it might take a bit of effort to get together, it is definitely something worth thinking about and investigating if you own a commercial property. Don’t be too slow though. On April 6, with the new tax year, changes are coming to capital allowances that may end up stopping this claims completely. So, you’ve got just under two months to find out if you’re sitting on a possible goldmine.