How does reducing the amount of tax you pay sound? Sounds good, right? We unfortunately see many people in business miss out on this opportunity - either because they’re not aware of capital allowances, or miss things off their claim that qualify. 

That’s where we come in, we’ve got more years’ experience with tax than we care to say. Our in-house expert capital allowance team will thoroughly review your assets and help to maximise your claim, in turn minimising your tax bill, leaving you with more money to reinvest - or even better, spend on yourself.

Qualifying assets

The exciting news is that there are lots of things that qualify. The list includes:

• General plant and machinery
• Business cars and vans
• Short life assets (assets with a maximum working life of eight years)
• Energy-saving and environmentally efficient assets
• Integral features in a building.

We’ll get to work and review every single item of expenditure, making sure it’s been categorised correctly so you don’t waste another penny of capital allowance. 

It’s worth knowing that each category of assets comes with its own set of conditions, allowances and rates, which we’ve put in our resources guide. There are also special allowances available to those who invest in deprived areas called Enterprise Zones - talk to us to get more detail on this if it sounds like a good fit for your business. 

Property transactions

This is the more complicated bit. Buildings themselves don’t usually qualify for capital allowances, but the plant and machinery within the buildings do. The good news is, that this can bring you big tax savings. Items that qualify include:

• Lifts
• Air conditioning systems
• Sanitary ware
• Heating, lighting and solar systems.

When you’re thinking about buying a commercial property, it’s important to determine the seller’s capital allowance position as early as possible. This is so that steps can be taken to preserve the capital allowances - otherwise, they’ll be lost! Which will be great news for the HMRC, but not so great news for you or the seller.