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Tax windfalls waiting in the wings

Tax windfalls could be waiting in the wings for new owners and occupants of existing commercial premises – but professional advice may well be the key to unlocking their value.

If the previous owner or lessee of a property failed to claim their full capital allowance against investment in plant, machinery and integral fittings during construction, refurbishment or conversion work then HMRC may well be holding a sum of money with the new incumbent’s name on it.

“The term ‘plant, machinery and integral fittings’ covers a wide range of items including carpets, central heating, fire alarm systems, lifts and CCTV,” explains Alan Rolfe of Southampton-based independent accountants HWB.

 “Under the capital allowances regime tax relief can be claimed over a period of several years but many people fail to seek their entitlement either because they do not realise they can claim, because their tax payments are insufficient to make it worthwhile or simply because they find the process too time-consuming.

“In the current economic climate every potential source of additional income should be investigated and new owners of freehold properties and eligible occupiers could find themselves well rewarded for their efforts.”

The capital allowance claims apply to all types of commercial property, including retail. Eligibility can be established through professional assessment of pre-contract enquiries at an early stage of occupancy or at a later date.

For further information contact Alan Rolfe at HWB on 023 8046 1200.

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