Capital Allowances Claim Preparation
Who needs it?
Any company or individual incurring capital expenditure on the construction or acquisition of real estate assets and who can utilise capital allowances to minimise the tax that they pay. We can also act for accountants who require our services to analyse such expenditure on behalf of their clients.
What is it?
This is the preparation of claims for capital allowances in respect of expenditure incurred on the acquisition or construction of real estate assets. The claim is prepared in a format which satisfies the disclosure requirements of the self assessment regime either for companies or individuals, which takes account of all HMRC current practice and interpretation and which above all ensures that the taxpayer's claim for capital allowances is maximised. The claim can be appended to the year-end tax computations prepared by tax payers, accountants or professional advisors and is reconciled to the taxpayer's statutory accounts, thereby ensuring that all available tax relief has been identified in any particular financial year.
The Capitus approach to capital allowances claim preparation differs from that approach used by accountants because the professionals employed by Capitus have experience and skills not only in tax legislation relating to capital allowances but also in property. Accountants who specialise in tax do not usually specialise in capital allowances and so they engage the services of quantity surveyors who are not skilled in the relevant tax legislation to carry out analyses of construction cost information to identify assets qualifying for tax relief. This usually results in either significant under-claims, or worse still, inaccurate over-claims.
Furthermore, the traditional approach to claim preparation employed by accountants is usually undertaken at the financial year-end whereas Capitus becomes involved right at the outset of a construction project or property acquisition which means that they can significantly influence the levels of capital allowances available.
Please call 0121 447 8388 or e-mail enquiries@capitus.co.uk for queries on any of our services. We will personally get back to you. Our initial advice is free!
