(PRWEB) September 10, 2012
An estimated 1.4 million commercial property owners in the UK are missing out on capital tax allowances worth up to 15% and 45% of the actual price of their property. RIFT UK are tax specialists who are offering UK business property owners the chance to claim back between £65 and 70 billion of the unclaimed money which currently remains in the hands of the HMRC. Most property owners remain unaware of just how much they can reclaim on expenditure such as building work, refurbishment and interior fittings.
Accounts and other non-specialised tax advisors don’t have sufficient knowledge of just how much their clients can reclaim on their tax expenditure. It’s estimated that 90% of property owners are missing out on tax allowances that they could be reclaiming.
So what are capital allowances? They apply to many categories of commercial buildings of almost any age, such as: industrial premises, shops, warehouses, leisure facilities, restaurants and hotels, offices and nursing care homes. Any size of business is eligible for capital allowances tax relief. However, only UK taxpayers are eligible and you must own or lease a commercial property which is not held in a pension fund or owned by a government, charity or treated a stock.
So why aren’t accountants advising their clients of the money they could be claiming? There are thought to be two factors at play. Firstly, the legislation and case law is complex. Secondly, a specialist capital allowances company with trained surveyors is required to spot all of the assets which could be claimed back (released) under capital allowances. Receipts and ledgers are frequently missing, further evading accountants.
Even without receipts, an expert specialist surveyor can conduct a detailed analysis and calculate the correct value of the assets within a property. A specialist will look at the property in detail to see how it has been altered from owner to owner. They can then compile a list of fittings and feed it into a computer model which uses complex matrices to calculate the cost of fittings made years previously. The specialist can then prepare a comprehensive report calculating all of the tax refunds due and liaise with the HMRC.
It’s a complex task which continues to fall outside the expertise of traditional accountants. Contacting a specialist to calculate your capital allowances tax relief entitlement is a way to recoup substantial amounts of money on your business property investment.