In this example we have created a clear explanation describing what Capital Allowances are.
Dear Mr/Mrs X
Capital Allowances are a form of tax relief given in place of depreciation (which is not allowable for tax purposes) on qualifying items of plant and machinery. This extends to many fixtures and fittings in a commercial building (and some larger residential ones). Capital Allowances reduce your taxable profits, meaning you pay tax on a smaller figure and retain more of your profits.
Many commercial property owners however, miss their window of opportunity when it comes to claiming for these allowances.
It is estimated that there is around £60 Billion of unclaimed allowances in the UK. With Capital Allowances being one of the largest tax reliefs available for commercial landlords its unbelievable that so many millions of pounds goes unclaimed every year.
I am happy to run through a quick Capital Allowance review with you. We can do this either over the phone or via our online calculator.
Please let me know if you would like a free impartial indication of any available allowances.