Chartered Surveyors
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Inherent in every property transaction is qualifying capital expenditure on plant and machinery, which includes such items as heating, air-conditioning, lifts, carpets and sanitary appliances. There are also many other items that may be applicable to certain types of building.
The content of these qualifying items within a building may vary from 15% for a basic two storey office, to 40% for a prestige high specification head office and to 50% or more for a five star hotel.
Capital allowances are available on qualifying expenditure and provide a valuable tax relief that can reduce the overall investment cost of a building by 6-12% depending on the specification and the trade carried on in the building.
To qualify for these capital allowances, you must own the item concerned and have paid for it, it must be for the purpose of a trade and you must be an actual or potential tax payer. This will therefore preclude charities, Local Authorities and other non-profit organisations from claiming.
In order to secure the highest amount of tax relief available, the claim must be maximised by those who are skilled in surveying and tax, and have the ability to negotiate with the Inland Revenue when necessary to achieve the best results without risk.
V B Johnson are specialist in property tax and can offer a full consultancy service on various areas of allowances and tax relief some of which are listed below:
Please contact us for more details about any of these services.