How do you check if your business is due tax relief or rebate?

Most businesses that own commercial premises such as care homes, offices, warehouses, factories, etc. are missing out on a valuable tax relief. Capital Allowances are a complex piece of tax legislation designed to encourage businesses to invest in their businesses. However, due to the complex nature of the legislation, 90% of accountants are not trained or qualified in it. If your business premises have never had a visit from a chartered surveyor who is trained in tax legislation then it will not have claimed any available tax reliefs due from Capital Allowances.

How do you check to see if your business is due tax relief or rebate via Capital Allowances? Consult a specialist tax consultancy such as Innovation Tax. They will take some brief details to see whether it is likely that you have the basis of a Capital Allowances claim – what type of business you have, the original purchase price of your premises, whether your business pays tax either as a sole trader, partnership or limited company and details of any refurbishments that you have done to your premises.

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If there seems to be the basis of a claim then one of their consultants will visit you to verify the details. If they find that there is a likelihood that you are eligible then the details will be passed on to their back office where their team of ex HMRC personnel and Charted Accountants specialising in Capital Allowances will perform the due diligence.

If they consider that there is a strong basis for a claim then they will arrange for a RICS charted surveyor who is trained in taxation to visit your premises to perform a Capital Allowances audit.

This report is then submitted to HMRC on your behalf to obtain the tax rebate or relief due to your business. Innovation Tax has a 100% success rate for claims to HMRC.

All this is done on a 'no win, no fee' basis. The fees for a successful claim are 4% of any allowable assets identified by the audit. These fees are fully tax deductible.

Not all businesses qualify for this relief, particularly residential buy to let properties unless they are holiday lets or serviced accommodation. 

If you would like to find out if your business is eligible for a Capital Allowances claim call 07768 085 788 for an initial free consultation.