What to look for in a Capital Allowance Specialist

Why you need a Capital Allowance Specialist

A Capital Allowance Specialist is a “professional who specialises in identifying and claiming capital allowances for businesses.”

Their expertise can help businesses to reduce their tax bills and increase their cash flow. By working with a specialist, you can ensure that you are claiming all the tax relief available to you. This can include not only the standard allowances but also more complex claims such as those related to research and development or contaminated land remediation. Moreover, a specialist can assist with identifying unclaimed allowances from previous tax years, which can result in significant tax rebates. So, engaging a Capital Allowance Specialist can be a wise investment for any business seeking to reduce its tax liability and improve its financial position.

Understanding the specialist's process

An effective Capital Allowance Specialist should have a clear process in place for identifying and claiming capital allowances.

The specialist should conduct a comprehensive review to first determine “entitlement,” i.e., whether a capital allowance is available. This would typically include a review of your business’s capital expenditure and assets to identify any potential capital allowances. As well as carrying out checks for historical claims by prior owners.

Calculating a claim value, in most cases, should include a site survey to identify any qualifying assets, a review of your accounting records, and an analysis of any historical capital expenditure. The specialist should also be able to provide a clear and concise report. In which, findings and potential capital allowances available to your business are outlined.

Additionally, the specialist should be able to liaise with your tax advisors to determine the most tax-efficient way in which the capital allowances can be crystallised. A specialist should be able to provide the documentation required to support the capital allowance claim. Plus, liaise with HM Revenue & Customs (HMRC) on your behalf to ensure a smooth and successful claims process.

Learn more about our process that has helped us achieve a 100% success rate.

Communication skills: Vital for a good working relationship

A Capital Allowance specialist should be able to explain complex tax laws and regulations in a way which is easy to understand. 

Effective communication is vital when working with a Capital Allowance Specialist. The specialist should be able to explain complex tax laws and regulations in clear and concise language that you can understand. They should also be responsive and attentive to your needs. Providing regular updates on the progress of your claim and promptly answering any questions or concerns you may have.

A Capital Allowance specialist should be able to listen to your business’s specific needs and tailor their approach accordingly. Establishing good communication with your specialist can help ensure a successful and smooth claim process. Plus, it provides a foundation for a long-term relationship that can benefit your business in the future.

Good communication is just one of the important stages of our successful formula.

Client testimonials and references

Client testimonials and references can provide valuable insight

Testimonials provide insight into the CA specialist’s quality of service. When considering a specialist, it is important to ask for references or testimonials from previous clients who have worked with the specialist. These references can provide valuable feedback on the specialist’s ability to communicate effectively. Plus, providing accurate and timely advice and delivering results for their clients.

Additionally, references can give you a sense of the specialist’s level of professionalism, responsiveness, and overall approach to client service. By speaking with previous clients or reviewing testimonials, you can gain a deeper understanding of the specialist’s strengths and weaknesses and make an informed decision about whether they are the right fit for your business.

Conclusion: Making the right choice for your business

Identifying and working with the right Capital Allowance Specialist is crucial to ensure that your business can benefit from this tax relief opportunity to the fullest extent. By considering factors such as their qualifications, experience, track record, communication skills, up-to-date knowledge of tax laws, and client testimonials, you can make an informed decision about which specialist is best suited to your business needs. It is also important to ensure transparency around costs and fees and to establish a good working relationship with your chosen specialist. By following these guidelines, you can be confident that you have made the right choice for your business and that you are maximizing your capital allowances.