They thought it was too late to make a claim
Amongst their portfolio of properties, Michael & Nihal own two commercial properties. A two-story building in Wilmslow and three ground-floor retail units in Ashton-on-Mersey.
Due to the properties being purchased back in 2018/19, the Winniczuks thought they were out of time to make a claim. The duo also believed that one of the properties wouldn’t qualify for a claim due to its use.
Thankfully their accountants didn’t think this was right. Believing that it was worth looking into, as the value that could be potentially uncovered, could be of real value to help grow the business.
As a result of our ongoing training and support, the accountants knew they couldn’t look into this alone. That’s where we came in!
Was it worth them pursuing a claim?
As we have extensive knowledge, experience, and access to information, we are able to gather evidence confirming the history of property ownership. Plus the activity that enabled us to confirm that tax savings were possible.
We completed a detailed site inspection of those properties that qualified for a Capital Allowance claim. Using data from the site inspections, our expert Capital Allowance team was able to maximise the level of Property embedded Fixtures and Fittings (PEFFs) within the purchase costs of those properties.
Once the Capital Allowance claim was calculated, we then applied the claim to the client’s tax position by submitting amended tax returns to HMRC.
How much did they save to grow other areas of the business?
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Unclaimed Capital Allowances
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Tax Refund
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Tax Savings
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Claim Percentage
We received great feedback afterwards…
“Everything was very efficient and the team retrieved us a good amount of money back, so we are really happy. We were recommended to them through our accountant and that put assurance in our mind that everything was above board. We are pleased that we went ahead with the claim.”
Nihal Winniczuk | Director
“CARS gave our client a service that we can’t offer alone. With their expertise we are able to help retrieve the most tax relief for our client possible. Capital allowance legislation is far too complex for us to have the time to try to understand it, so this partnership we have with CARS means we can lean on their knowledge without losing time to focus on other aspects of the business that require our attention. It’s a winner for everyone involved.”
Tom Bostock | Client Director
DJH Mitten Clarke
Our observation:
Legislation applicable to Capital Allowances has changed numerous times. This, more than ever, is creating confusion when assessing whether a legitimate approach is possible against property acquisitions e.g. second-hand property.
CAA2001 S198 is one of the main causes of property costs incorrectly not being explored. Read more in ‘Our observations of the Section 198 Election’.
If you would like to see you qualify for a PEFFs claim, get in touch with our expert team!
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