IDENTIFYING CAPITAL ALLOWANCES

The claiming process

Valuation

Our compliance team undertakes rigorous checks of the tax history of the property to confirm that a valid claim can be made. We need to ensure that the requirements of FA2012 are met.

Qualified Specialist Surveyors will attend your site and identify all of the qualifying assets within your property.

Using the most up to date surveying techniques, a detailed assessment of your premises will typically take 1-3. We need to do this in order to identify, log and value the plant and machinery assets in your property.  The advantages of using fully qualified surveyors are that you will also get a Building Surveyor’s Report, a reconstruction valuation and an independent land valuation. 

Once we have these confirmations, your claim is then processed through our bespoke Capital Allowances system and a HMRC compliant claim report is then generated, reviewed and authorised by our Managing Director.

This report highlights the applied legislation, confirmation of ownership, and scope of the report.  The assets identified are categorised and valued. This is what your accountant will need to include within your Tax Return.

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Claiming

We are there every step of the way.

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Your accountant now includes the identified capital allowances in your tax return for the current year.  They can also (subject to time limits) amend previous tax returns, thereby generating a refund of overpaid tax. 

We recommend that the claim report is submitted with the correspondence to HMRC.  We work in conjunction with your accountant, to provide support and advice wherever necessary. 

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If you don’t have an accountant and file your own tax returns we can guide you through the process of completing the property section of the tax return.