(PRWEB) October 04, 2012
This month the UK made changes to capital allowance tax legislation, to ensure property owners can claim tax relief on qualifying plant and machinery when they purchase a building incorporating such items. The allowances range from 8% on electrical systems and other such integral features to a 100% reimbursal on environmentally beneficial plants.
Capital allowances could now save businesses in the UK thousands in tax breaks, giving owners (and to some extent, leaseholders) the opportunity to claim back as much as 30% of their buildings’ original purchase prices, and yet inexplicably they remain one of the best kept secrets out there. Indeed, hundreds – if not thousands – of small and medium sized business are missing out, simply because they don’t have the access to the requisite expertise required to claim.
For those who have refurbished, altered, extended or installed new property plant and machinery fixtures, these outlays are likely to be able to reclaimed – though capital allowances on existing fixtures can only be claimed once in a building’s lifetime. However, should the previous owner have failed to claim, the current business owner is still eligible to do so.
Tax breaks applied to plant and machinery also encompasses as wide ranging items from water heating systems, storage equipment, washing machines, counters, furniture, fire alarm systems and signs. In hotels, restaurants and similar leisure trade buildings, decorative asses are provided for the enjoyment for clients can also potentially be claimed.
Other leisure areas offer opportunities to claim too. HMRC will even consider a claim on an animal if it functions as an apparatus to continue the business owners’ trade – it must have an life expectancy of two years or higher. Examples might include a riding school or show jumping horse, or even a circus animal. Do note that farm animals count as trading stock so would not be included in the same way as other farm machinery.
With the recent launch of tax refund specialists RIFT UK’s capital allowance service, business owners and professionals can find out if they or their clients are due rebates based on their outlays on property and machinery fixtures. The highly trained staff will identify previously claimed capital allowances, making any retrospective or current claims available and working the process through to HMRC’s final judgement.
Contact RIFT today via their website at http://www.riftcapitalallowances.com to find out how they can help claim back capital allowances.