Advice for Property Owners

If you are a commercial property owner occupier or investor, it is vital that you understand capital allowances and not assume your accountant will deal with it.

By engaging specialist capital allowances advisors, you will make sure that you are maximising your tax relief in an HMRC compliant way.

What are Capital Allowances?

Capital allowances can be claimed on the following:

  • Offices
  • Retail shops
  • Industrial units
  • Care homes
  • Leisure facilities
  • Hotels
  • Medical centres (doctors, dentist, veterinary practices)
  • Schools
  • Furnished holiday lets

The above list is provided as an example of the types of property rather than a definitive list.

In addition to capital allowances claims on the initial purchase of a commercial property, significant claims can also be available on any subsequent refurbishments.

Is there anything I should be doing if I am buying / selling a property?

In short, the answer is YES. When you are buying a commercial property, the capital allowances claim will be based on the purchase price for the property. This is on the assumption that no one else has previously claimed.

When purchasing a commercial property it is vital that the necessary due diligence is carried out to establish the capital allowances position. If you are not careful, you could be purchasing a property but allowing the vendor to retain the benefit of the capital allowances.

are you aware that you could retain the capital allowances even though you will no longer own the property?

With the legislation changes as of April 2014, capital allowances will need to be dealt with at contract stage when selling a commercial property, otherwise they will be lost forever or potentially the sale could stall / fall through because they have not been dealt with at time of sale.

What level of tax relief might be available to me?

Use our capital allowances calculator.

For more information, please contact: 0161 429 1662 or email mathewtattum@roger-hannah.co.uk

More information can be found in our capital allowances brochure:

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