Preparing for your claim

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What to know when making a claim

Lack of awareness of Capital Allowances means many people overlook the need to agree a specific value for a building’s fixtures and features.

When you purchase a freehold or long leasehold of a commercial building, ask for the contract to include a breakdown of these values, rather than an overall price for the property.

If you have already bought the property, a specialist can survey the property to include the value of assets in future tax returns.

There are time limits depending on the purchase date, so act now if you already own the building.

What’s involved?

  1. Site survey we’ll conduct a thorough survey of the property
  2. Valuation report we’ll prepare a Capital Allowances Valuation Report
  3. Strategic advice we advise on the most suitable options for your particular circumstances.
  4. Review and approve you and/or your accountant will have an opportunity to review and approve the report.
  5. Report submission we submit it to HMRC along with your tax returns.
  6. Future-proofing we will provide your accountant will all details of the claim, the amended returns and details of how to claim Capital Allowances relief in future years.
  7. Liaising with HMRC should it be necessary, we will liaise with HMRC over any enquiries, including attending meetings and responding to correspondence.

A TS Partners client bought a residential property for £900,000. They converted it into a hotel but were not aware of the potential tax relief.

When they came to us several years later, we identified qualifying items worth £220,000. As a basic rate taxpayer, they qualified for Income Tax and National Insurance relief worth £66,000, including a £7,200 refund on their most recent return.

You should take the same approach if you are building a property, even if contractors are reluctant to reveal profit margins. The process should be straightforward, as costs of features can be more easily separated from the bricks and mortar element.

If work is already completed it may be more difficult to get the details from contractors, but a specialist surveyor can help.

Capital Allowances have no effect on Capital Gains Tax when you sell your property. You can still deduct the full purchase price from sale proceeds after a successful claim.

There is also no requirement to pay back the tax relief after a sale, and any Capital Allowances not yet claimed can be retained for future use.

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