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Are you claiming your full entitlements to Capital Allowances?

Are you claiming your full entitlements to Capital Allowances?

If you own a commercial property, you may be entitled to claim Embedded Capital Allowances, which will reduce your tax liabilities.

Embedded Capital Allowances are allowances for items of Plant and Machinery which are embedded or hidden in the overall fabric of a building. These comprise of items that are typically categorised as heating, electrical, security, fire/smoke alarm, lift installations, emergency lighting, sanitary ware, etc.

Capital Allowances often remain unclaimed because of a lack of appropriate documentation necessary to support a claim. Identification and quantification of these allowances is a specialist task which would be outside the scope of work included in the preparation of routine tax returns.

The amounts involved can often be substantial and can lead to both reductions in future tax liabilities and refunds of tax already paid.

Why Action is Required

  • It is critical that this assessment is carried out before the opportunity to claim is lost. This is because changes in future Finance Acts, may not make this possible.
  • Even if you don't have a current tax liability, once secured, these allowances can be held and utilised against future profits.
  • They are of significant value and can be sold on with the building.
  • Secured Capital Allowances may entitle you to an immediate tax rebate.

Please contact our office if you would like to organise a free of charge review of your entitlement to these allowances.

If you have purchased/developed commercial property or carried out extensions/alterations/refurbishments of a commercial property, it is probable that you have unclaimed Embedded Capital Allowances.

Please contact our office as soon as possible on 01 478 6600 to discuss whether a claim would be appropiate for your premises.

If necessary we will organise a review of your premises by one of our specialist capital allowances surveyors, free of charge, who will asess the eligibility and approximate value of a successful claim.