Property capital allowances allow small business owners to claim tax relief on their business premises but thousands are failing to take advantage, according to David Shortt of Oliver Rae Associates.
The tax relief could be worth thousands to small business owners with brokers advised to check if their clients’ premises are eligible.
“Accountants will claim capital allowances on most of their clients’ assets as a matter of course,” said Shortt.
“However, the kind of embedded plant & machinery allowances that Oliver Rae Associates concentrates on are so closely tied into the very fabric of the building, that it takes a specialist surveyor to attend the property and physically catalogue and quantify them, and ensure that they are fully claimed for.
“Most small to medium-sized accountancy firms will not have the specialised resources available to them to do this, and will turn to specialists like ourselves to assist them and their clients.”
The firm said up to 10% of total expenditure on property may be available to the client as a tax relief from HMRC and that any commercial property can potentially qualify. The claims procedure is also retrospective, allowing business owners to claim back money from previous tax years.
