We’ve learned over the last few weeks a lot about what capital allowances are, but with the deadline fast-approaching, it’s a good idea to examine exactly who can claim, and indeed what a claim looks like in real terms for different sectors.
We took two different sectors – private education and hospitality. Two sectors that, one might think, couldn’t seem more different! But in fact, when it comes to claiming capital allowances they are rather similar and have something in common: there is money to be made.
Let’s first examine the hospitality industry. Acting on behalf of an independent hotel of 74 bedrooms Catax Solutions uncovered almost £400,000 in capital allowances.
And to give an idea of the items identified and where rebates were owed, this was broken down to include £32,000 for disposal and drainage installations, £35,000 for water installations, £95,000 for heating installations, £130,000 for electrical fittings and over £68,000 for fixed internal fittings. So clearly there are significant savings to tax bills to be made – and it’s not just the preserve of the larger hotels. The company also uncovered a similar figure of £411,000 on behalf of a boutique converted country home. Better still, Catax Solutions will only charge a fee if they are able to identify a sizeable amount of unclaimed capital allowances.
This is equally fruitful for the independent education sector, too. Catax Solutions uncovered a near £150,000 in capital allowances when acting on behalf of an independent school. And to give an idea of the items identified and where rebates were owed, this was broken down to include £6,000 for disposal and drainage installations, £20,000 for water installations, £59,000 for heating installations, £31,000 on ventilation installations, £14,000 for electrical fittings and over £20,000 for fixed internal fittings.
Indeed, almost every sector where commercial properties exist can benefit from capital allowances, which as I’m sure you can guess, means pretty much every business sector in the UK.
So why not investigate whether this applies to you? (Hint – if you own commercial property it almost certainly does.)