How Can You Benefit from Enhanced Capital Allowances

How Can You Benefit from Enhanced Capital Allowances

Not many businesses in the UK know but as a business operating in the UK a company can be entitled to claim for enhanced capital allowances. Capital allowances can help make decisions more financially viable and cost effective alongside helping reduce corporation and income tax.

You may have heard of capital allowances also being referred to as tax allowances due to the fact that it is a tax allowance. These allowances can be claimed on certain purchases most commonly plant and machinery and certain building types, on renovations or conversions of a commercial property into flats which you hope to generate a rental income on. Knowing whether you and your company are eligible and how to address claiming for capital allowance to reduce your tax bill by deducting a proportion of the costs from your taxable profits. The calculation is determined by what you are claiming for and what your intention is.

As with the Budget of 2010, the government can make changes to the budget which impact how capital allowance claims and how they are dealt with. Knowing how these changes could affect you and your claim can save a business a significant amount, with some business investing in commercial property who are missing out on 100% of tax relief from Enhanced Capital Allowances.

With your own capital allowance consultant you can make sure that they are proactive with a design team to ensure that maximum benefit is gained, this level of support means that issues are addressed including adding relevant clauses to contracts creating an obligation on the construction company to provide the correct details to support any claim for enhanced capital allowances.

Who can benefit from capital allowances:-

If you are a taxpayer either as an individual, a partnership or as a company you can benefit from:-

The construction of a building to be held as an investment

The construction or renovation of a building for its/there own use.

The fitting out of a leased property for use by themselves or their company

The purchase of a building from a developer

At such an important time in the countries economy it is important that companies continue to invest in their future and the future economy of the country. Claiming for capital allowances and tax relief can make a project more viable and achievable and the benefits of continue growth within England will be felt by many for the future of the country.

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