Free Initial Assessment
We explore a potential claim
The first step in our process is offering a free initial assessment, which allows us to explore whether a potential claim exists before any formal commitment. This stage involves several key steps to evaluate the property and relevant expenditures.
Initially, you will have a conversation with one of our directors and a member of our Business Development team. This discussion helps us understand your business, the nature of the property in question, and the scope of the expenditure you have incurred. It also allows us to explain what documentation we need for a full evaluation.
Once we have gathered the initial information, our technical team will conduct a detailed review. This includes examining property details, financial records, and relevant tax documentation. We also cross-check public data sources to enhance our understanding of your property’s potential for a claim. If the preliminary analysis shows a viable claim, we create a bespoke illustration. This illustration outlines the possible claim amount and explains how it could be applied to your tax profile. If you’re satisfied with the projected outcomes, we move forward by formalising our engagement, which allows us to start the in-depth work on your case.
Establishing the Claim
We gather all relevant information & undertake a detailed analysis
With the engagement documents signed, we proceed to the next stage: establishing the claim. This is a more involved phase where we gather information and perform a detailed analysis to maximise the claim.
At this point, our project management team steps in. Their role is to organise your case, ensuring that we have all the property and financial data needed. This team will be in regular communication with you, providing updates and requesting any additional information as required. If a property survey is necessary, they will arrange this with you.
After the property has been surveyed, our team creates a Survey Report, summarising the findings. You’ll be invited to review and discuss this report before we move forward. The survey data is then passed on to our technical team for further analysis. This team applies relevant tax legislation to ensure all qualifying items are included in the claim. Any items that don’t qualify or have already been accounted for in your tax filings are excluded. This thorough review process ensures the accuracy and legitimacy of the claim.
Tax Work (Retrospective Claims)
Calculating how to apply the tax relief
Once we have established the items that qualify for capital allowances, we move on to the critical task of calculating how to apply the tax relief most effectively. Our team uses various capital allowance pools, such as the Annual Investment Allowance, Full Expensing, or the Structures & Buildings Allowance, to structure the claim in the most tax-efficient way.
After this, we produce a claim summary that provides an overview of the qualified items and details how they will be applied to your tax profile. Where appropriate, we amend previous tax returns to reflect the claim. If necessary, we handle the submission directly to HMRC, maintaining open communication with them throughout the process to ensure everything is processed smoothly.
Once the tax work is finalised, we prepare Final Reports for you and your accountant. These reports provide a complete breakdown of the claim and its impact on your tax liability, ensuring transparency and understanding.
Aftercare
Ongoing support from our team
Our service doesn’t end with the submission of your claim. We pride ourselves on providing ongoing aftercare. If you, your accountant, or HMRC have any questions after submitting the claim, we are available to assist. Whether it’s clarifying aspects of the claim or responding to HMRC inquiries, we ensure that you continue to feel supported, even after the formal process is completed.
In conclusion, we offer a structured, client-focused process to claim capital allowances. Our detailed approach, from the initial assessment to the aftercare, ensures that your claim is not only maximised but also handled in the most efficient and compliant manner possible.
If you would like to learn more about how we can support you, please get in touch...
Latest News
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3 December 2024How Do CARS Assess Capital Allowances?
At CARS, we assess capital allowances and offer businesses and property owners a significant opportunity to reduce their tax liabilities by deducting qualifying capital expenditures. Here at Capital Allowance Review Service (CARS), we provide a thorough process to optimise these claims. Our goal is to... -
15 November 2024Specialist CA Tax Advice for Accountants
At CARS, we’ve been providing expert support and advice for accountants for years. We understand that in the fast-paced world of accounting, keeping up with every aspect of tax legislation can be a daunting task. For accountants, Capital Allowance (CA) tax relief is an area that holds significant...
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Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.