Navigating the world of business finance can be a complex task, especially when it comes to maximising your tax reliefs. Many businesses, from small enterprises to large corporations, may be missing out on significant tax savings simply because they are not fully aware of the capital allowances they can claim. This is where CAS – Capital Allowance Specialists – come in to bridge the knowledge gap and help businesses tap into these often-overlooked opportunities.
Why You Should Consider a Free Review from CAS
CAS is part of the Business Support Experts (BSE) Group, a distinguished collective of Chartered Accountants and Tax Specialists. With over 35 years of industry experience and a client base of more than 800 UK businesses, the BSE Group brings unparalleled expertise to the table. By offering a free capital allowance review, CAS ensures that businesses can explore their potential tax savings without any initial cost.
Understanding Capital Allowances
Capital allowances provide tax relief for the depreciation of long-term capital assets used in your business, such as buildings, equipment, and machinery. These allowances allow businesses to deduct a portion of the cost of these assets from their taxable profits. Unlike regular expenses that you can claim through the Profit and Loss Account, capital expenditures require a specific claim in accordance with the Capital Allowances Act 2001.
What Could You Be Claiming For?
Many businesses are unaware of the breadth of expenditures that qualify for capital allowances. Here are some examples:
• Construction of New Property: Whether you’re building from scratch or expanding existing premises.
• Purchase of Property: Including old and newly built properties.
• Building Alterations, Extensions, and Refurbishments: Any work that enhances or modifies your property.
• Fit-Out of Let Property: Investing in the interior to make it suitable for tenants.
Sectors That Qualify for Capital Allowances
Capital allowances are not limited to a few industries; a wide range of sectors can benefit:
• Retail: Shops and outlets of all sizes.
• Leisure and Hospitality: Bars, restaurants, hotels, and more.
• Infrastructure: Projects involving roads, bridges, and other public works.
• Care Homes: Facilities providing residential care.
• Manufacturing and Engineering: Factories, plants, and production facilities.
• Construction: Companies involved in building and renovation.
• Agriculture and Livestock: Farms and agricultural businesses.
• Furnished Holiday Lets: Properties let for short-term holiday stays.
• Offices: Corporate spaces and buildings.
• Student Accommodation: Properties providing housing for students.
What Items Can Be Claimed as Capital Allowances?
Identifying eligible items can be complex, but here are some common examples:
• Fixtures and Fittings: Items like desks, chairs, and partitions.
• Plant and Machinery: Includes everything from factory equipment to office computers.
• Bathrooms, Kitchens, and Catering Equipment: Essential for hotels, restaurants, and care homes.
• Heating, Ventilation, and Air Conditioning Units: Vital for maintaining a comfortable environment.
• Lighting and Water Systems: Essential utilities.
• Structural Works: Improvements to walls, floors, and ceilings.
• External Works: Such as car parks and walkways.
The Hidden Goldmine of Office Fit-Outs
Did you know that an office fit-out can be a significant source of claimable capital allowances? Items that qualify under various categories like Full Expensing, Special Rate Allowances, and Structures & Buildings Allowances can yield a substantial tax benefit, often ranging from 20% to 30% of the overall expenditure. This means that by properly categorising and claiming these expenses, businesses can significantly reduce their taxable profits.
Why CAS?
CAS stands out because of their thorough, client-centred approach. Their team of specialists conducts detailed property assessments to identify all potential claims, ensuring you receive the maximum possible relief. Here’s why CAS is the right choice:
• Extensive Experience: Over three decades of experience and a vast knowledge base.
• Broad Client Base: Serving more than 800 UK clients across various sectors.
• Tailored Solutions: Providing customised reviews to meet the unique needs of each business.
Get in Touch with CAS Today
Don’t let valuable tax savings slip through your fingers. Take advantage of a free review from CAS to explore how capital allowances can benefit your business. Contact us on 01789 773182 or [email protected] to learn more.
