About this case
IAE over the years has spent considerable capital on the sites in which they operate. This consisted of an acquisition of a small unit at one site and a significant development at another. Phase 1 of our involvement was to complete a retrospective review of the companies Land & Buildings costs. Phase 2 was to review the preparation of land costs for a new large development for Land Remediation Tax Relief purposes. The final phase will review the recently completed new unit which will factor in a number of new tax breaks available for Capital Allowances e.g. Super Deduction, Structures & Buildings Allowances etc.
What are the results so far?
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Total spend
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Total capital allowance claim
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Total land Remediation tax relief uplift
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Total tax benefit
“It was a very good service from both Chris and the wider team. They were honest and upfront with me throughout the whole process. Everything was explained very well and it made sense to go ahead with a claim.”
Frank Klucznik | Managing Director
Why are items missed?
Plant & Machinery isn’t defined in law, therefore, this creates a misunderstanding about what qualifies and it is often assumed that all tax relief for Capital Allowances has been claimed.
Machinery is self-explanatory, however, Plant can be a little trickier to define. It is defined by HMRC as ‘an apparatus used for carrying on the business, is not stock in trade, and is kept for permanent employment in the business’… put simply functionality is a key consideration.
Items embedded in a commercial property can add real value!
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Heating systems
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Health and safety
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Lights
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and even door hinges!
How are these items identified?
We have a team of qualified surveyors that will visit the property and identify the embedded items which are not available within the paperwork. They will then value these items relevant to the date of expenditure. Without this additional process, there’s no way of being 100% certain that everything in a commercial property has been claimed.
We work alongside advisors & accountants...
as the subject of Capital Allowance is complex and requires specialist knowledge and attention to keep track of legislation, In addition to its complexities are the practicalities. In order to maximise Capital Allowances, surveyors, valuers and often property law expertise is required. Where an Accountant’s routines normally begin and end with analysing invoices and following the paper trail, we add extra disciplines and enhance their work.
Other Case Studies
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Land Remediation Tax Relief
Industry: Land Remediation Tax Relief
- £500,000
- Land Remediation tax relief uplift £754,772
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