The process to claim capital allowances for fixtures acquired with commercial properties is relatively straight forward and requires minimum input from property owners.
Our team has a wealth of experience of preparing and agreeing claims with HMRC. Our claim reports are in a format and using a methodology that is accepted by HMRC, meaning we can swiftly agree the claims.
Phase 1 - The consultation
We have an initial consultation where we explain the process in detail and assess if your commercial property is likely to be eligible. If you wish to go ahead, we will send you a detailed proposal setting out the scope of our work and our fee arrangements. If you are happy to proceed, we carry out our client take on procedure, which includes formalities such as, money laundering checks and sending you our engagement letter and terms and conditions.
Phase 2 - The validation process
Our technical specialists then carry out a detailed review of any available legal documentation for the purchase, review HM Land Registry and any other sources to determine your entitlement to claim. We will also review your tax position to determine the best use and provide you an estimate of the likely tax benefit of the claim.
Phase 3 - The survey
When it is clear your property is eligible, one of our experienced capital allowance surveyors will carry out a detailed survey of the property.
Phase 4 - The Capital Allowances Valuation Report (CAVR)
Once the survey is complete our technical team prepare and deliver a report that identifies and values all the qualifying plant and machinery within the property. This report is sent for approval, either by yourself or your accountant.
Phase 5 - Submission Dealing with HMRC
Once approved, we submit the CAVR and amended tax returns to HMRC. We will deal with any queries from HMRC to agree the claim, if required.
Commercial Property Acquisitions Claims
If you own a commercial property and can say yes to the following questions, you could be due a tax rebate from HMRC
Did you buy a commercial property before 1 April 2014?*
Did you pay over £150,000 to purchase the property?
Have you paid tax in the UK in the last 2 years?
* you may still be able to claim if you bought after 1 April 2014, please get in contact