Making The Best Of Current Economic Conditions By Saving Tax- LEGITIMATELY !
You can with Capital Allowances.
With a whopping £1.64 Trillion of UK Debt (30 Nov 16 ), the pressure on the Government to collect taxes remains immense. So in the context of their focus on off-shore tax schemes, and cash businesses that are deliberately avoiding tax to rob the public purse, wouldn’t it be nice to ensure that you are not paying more tax than the law requires by claiming tax relief legitimately?
Present economic conditions will place commercial property loans under greater scrutiny and an early understanding of available tax reliefs can greatly improve the financial viability of a project and not least of all cash flow.
When you spend money buying or improving a commercial property you are allowed by HMRC to offset part of the expenditure against your personal income or company profits for income or corporation tax purposes. This is thanks to a UK Law called Capital Allowances Act which also allows you to claim, even if you have held the property for many years.
It is routine for accountants to claim allowances for ‘movable ‘ fixtures and fittings but, by their own admission, do not always have the specialist skill to identify such allowances for the ‘immovable’ fabric of the building. So they often use a specialist capital allowances company like Six Forward that do just that ……and help you save even more money.
If you are buying a, or selling a commercial property it is imperative you get specialist advice as you could lose out on thousands of pounds of tax savings. Also, if you have some property already, have a no obligation review to see if you are entitled to claim- you might be sitting on some cash you never knew you had, irrespective of what your advisor has told you.