Capital Allowance Tax Relief
Composites UK through Business Partner GovGrant can help companies claim their Capital Allowance tax relief. Members will receive a 10% discount on the service fee.
Simply contact Composites UK and we will put you in touch with one of GovGrant’s specialists
What is Capital Allowance?
Capital Allowances are a form of tax relief for capital expenditure incurred on commercial properties. Capital allowances are given for expenditure on capital assets as a tax allowable expense therefore reducing taxable profits and saving money.
Capital Allowances is the main form of tax relief against property expenditure and one which is often not fully utilised, requiring the input of a specialist capital allowance advisor, to identify and value the qualifying expenditure. Ultimately, Capital Allowances can provide an added cash flow advantage by reducing the amount of tax payable, which will enable property owners to facilitate capital investment in property and increase returns on the investment.
Up to 100% tax relief, often running to hundreds of thousands of pounds is available to businesses and individuals on commercial properties of all types, whether freehold or long leasehold.
How do I qualify?
For a client to qualify for Capital Allowances there are a few HMRC guidelines we need to follow:-
- Must be a UK tax payer (Personal, Partnership and Limited Companies all qualify)
- Must own the asset (Freehold or Long Leasehold)
- Must be engaged in a qualifying activity
- Expenditure must be capitalised
- Property must not be held in a pension fund
- Purchase of Premises/Acquisitions
- Refurbishments /Alterations/Extensions
- New build developments
- Plant and Machinery