DO I QUALIFY?
Are you a UK taxpayer?
Do you own a property used for commercial purposes?
If the answers are yes then quite simply it is worth looking into whether you are eligible for a full capital allowance claim.
The date of purchase may have an impact on the size of the claim available but as there are no fees involved for an initial assessment please contact Hayven Property Tax today to find out further information about entitlement to claim.
There is no time limit on historical acquisitions, so even if you have owned the property for 10 or more years a valid claim today is more than likely.
All property types qualify from residential houses used for commercial purposes, retail units, offices, care homes, hotels and everything in between.
What are Capital Allowances?
Capital Allowances are a tax deductible allowance which can be utilised against business profits. CA’s are claimed annually for Plant & Machinery and Fixtures & Fittings
What are ‘fixed’ or ‘non-loose’ Capital Allowances?
These are items that also qualify for CA’s but may have been considered to be part of the building. For example toilets, sinks and air conditioning. Other items can be hidden within the walls and ceilings of a property such as wiring to mechanical plant, and heating systems.
Would my accountant have already claimed for these?
Loose items which qualify for CA’s such as desks, tables for example can be easily identifiable via invoices and therefore these would normally be claimed as and when expenditure arises. However if a property survey has not been conducted in the past, the fixed items would not have been identified and claimed for.
Does that mean my accountant has been negligent in not identifying the CA’s embedded in my property?
No. Identifying the fixed CA’s in a property requires expertise, and most accountants only deal with CA’s on a more general basis. Finding the embedded items requires the use of expert surveying and in-depth knowledge of Capital Allowance tax legislation. The majority of accountants are unaware of the full extent of what can be claimed and how to value it.
I have heard about HMRC taking a very dim view on tax avoidance. Will making a claim cause me problems with HMRC?
The CA claims that Hayven Property Tax produce are 100% compliant with current tax legislation and the service is not in any way deemed as tax avoidance. The service is not a scheme or a tax loophole; we merely determine what you are rightfully entitled to. Whilst you should not be singled out by HMRC there is a possibility that questions will be asked concerning the claim. Hayven Property Tax will deal with these questions as part of the service without additional charge.
So what is the charge?
Hayven Property Tax offer the service on a contingent basis which means that if we can’t find you tax savings on your property then you don’t pay us a penny. We charge a percentage of the additional CA pool found. There are no additional charges for surveyor’s fees or any other hidden charges involved.
Can a tax refund be guaranteed?
In most cases a tax refund can be achieved, but this is not always the case. Some businesses may be loss making or have losses being brought forward or may be in the first year of trading for example. Hayven Property Tax will work with your current accountant to ensure that the CA’s are maximised.
Sounds good, but what is the catch?
There is no catch whatsoever. A fair bit of information is required such as copies of Accounts, purchase contracts, completion statement etc which can be time consuming, however we are happy to work with your accountant / solicitor to acquire information where needed.
Would my property qualify for me to make a claim?
If your property is used for commercial purposes, and the owner is liable to UK taxation then provided a claim hasn’t been made in the past then a claim could now be made. It doesn’t matter whether the property is owned individually, or through a partnership, Limited company etc. There are no time restraints on when the property was purchased, so whether your property was acquired a year ago or twenty years ago contact Hayven Property Tax today so see if you qualify.