As long as you own the freehold to a Commercial property and pay UK Tax you are entitled to
claim if your properties qualify.
Do you own the freehold to a Pub, Club, Restaurant, Factory, Hotel, Garage, Industrial units, Care home, Retail premises, Doctors Dental or Veterinary Surgery, Student-let, Serviced Accommodation or Holiday-let?
We are Chartered Accountants...now with 25 offices across the UK and have a specialist award winning division dealing with Property Tax law & tax relief on commercial property…by physically surveying each property we can identify the value of the integral features within that property that can be claimed as Property Capital Allowances under HMRC guidelines.
We have recently beaten off the competition to be awarded: "Best Specialist Property Tax Accountants in the UK"
In simple terms they are a form of tax relief that applies to commercial property and the fixtures, plant, equipment etc. within them. You can retrospectively claim for items embedded within their property at the point of purchase.
This includes bathroom/toilet fittings, lighting, fire safety systems, security systems, electrical wiring, air conditioning and many other items that can be classified as "plant & machinery" under HMRC guidelines.
The answer in many cases is no! All Accountants claim Asset Capital Allowances but Property Capital Allowances are very different (see the video above)...these have been enshrined in law since 1878.
So unless you have had a survey report from an experienced Property Capital Allowance expert (usually 12-15 pages with photographs and the list of everything quantified and claimable) then you have definitely NOT claimed all the Property Capital Allowances you are entitled to.
The short video above explains the different types of Capital Allowance available to property owners, when a claim for Property Capital Allowances can be made & the lucrative tax benefits. Last year (2019), we helped our clients save in excess of £7.3 Million in actual tax savings by claiming Property Capital Allowances for them.
You and your Accountant may think that you have claimed everything to which you are entitled...yet we find that this is not the case in c.80% of cases.
As a firm of Chartered accountants who specialise in this area, we can virtually guarantee you that you are missing out on tax rebates from HMRC if you have not had a full Property Capital Allowance survey on your properties.
Last year (2019), we helped our clients save in excess of £7.3 million in actual tax savings by claiming Property Capital Allowances.
As many as 80% of landlords/commercial property owners are unaware of the considerable tax savings they can make by claiming their Property Capital Allowances.
As long as you own the freehold to a commercial property and pay UK tax then you are entitled to claim.
Here’s some further information:
Landlords with student-lets, multi-lets, serviced accommodation, property developers & commercial property owners can retrospectively claim for items embedded within their property at the point of purchase. This includes bathroom/toilet fittings, lighting, fire safety systems, security systems, electrical wiring, air conditioning and many other items that can be classified as "plant & machinery."
1/ Our Accountant has claimed everything already
In many cases that is unlikely: your Accountant will have claimed Asset Capital Allowances on your behalf but unless they have commissioned a full Property Survey, then it's highly unlikely that they have claimed all your Property Capital Allowances.
2/ Property Capital Allowances can only be claimed when selling
No...if you own a commercial property bought before 2014 you can claim if you have not claimed previously, but if you buy or sell a property after 2014 and don't claim at the point of the sales contract, then the opportunity to claim is lost forever.
3/ Property Capital Allowances for Student-lets, Holiday-lets, Serviced Accommodation
If you own these types of property, you can usually claim Property Capital Allowances even if bought after 2014 and no claim was pursued at the point of the sales contract (i.e. separate rules apply to these classifications of property)
As a firm of Chartered accountants who specialise in this area, we can virtually guarantee you that you are missing out on tax rebates from HMRC if you have not had a full PCA survey on your properties.
SKS Bailey Group registered within UK with Company registration number 12748942. Registered office: C/O 30 Yoden Way, Peterlee, County Durham SR8 1AL