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Making Tax Digital for Business update
Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Bus...Read more >
15 Apr 2017
VAT Flat Rate Scheme - Limited cost trader
Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attrac...Read more >
10 Apr 2017
Construction Industry - Subcontractor verification
HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Indu...Read more >
12 Mar 2017
Xero now has over one million subscribers!
At Prime we love Xero and have been fans from the start! It gives us immense satisfaction to see that Xero have now got more than One Millio...Read more >
7 Apr 2017
Pool cars - are you satisfying the five conditions?
Another tax case has been lost by a tax payer due to them failing to satisfy HMRC that a company car was in fact a pool car.Read more >
13 Mar 2017
What business can learn from sport
There are many correlations between Sport and Business, the planning and discipline that goes into being a successful athlete are equally ap...Read more >
8 Dec 2016
Contact Prime Today
For more advice about capital allowances on property, please contact us for a free initial meetingPlease Email Us >
Capital Allowances on Property
It is your Entitlement, don’t lose it!!
Capital Allowances mean tax relief
The more you have in your “pool” the less tax you pay
Your commercial property investment, or trading premises, have many fixed plant elements within the fabric of the building – such as Heating, Electrical systems, Air conditioning, Lifts, hot and cold water systems, security systems etc. These are regarded as Plant and Machinery for the purpose of the trade and therefore qualify for capital allowances within the Capital allowances Act 2001 (CAA2001).
Your capital expenditure incurred on the Purchase, Refurbishment, Extension, Fit Out or New Build construction will offer the possibility of tax relief within the legislation.
Typical values could be in the region of between 20% and 70% of the expenditure incurred.
Capital expenditure incurred even 10 years ago could still qualify and provide tax relief in the current financial year, or create a tax refund.
A word of Warning
New legislation introduced in April 2014 means that your entitlement relating to the current, or proposed, purchase of a qualifying commercial property is seriously at risk of being lost.
You must seek specialist advice immediately
Call Prime Today - we're here to help
If you are looking for an accountant for your business or personal finance matters call Prime Chartered Accountants, to arrange a free, no-obligation meeting with a Director.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468