Introduction to Commercial Property Tax Claims - by White Knight Associates

White Knight Associates (WKA) work in partnership with a specialist capital allowance claims company called Portal Tax Claims who work in collaboration with your existing advisers to identify and create retrospective and current capital allowance claims that lead to significant tax refunds and offsets. By adding value, their accounting and surveying experts identify previously unclaimed Capital Allowances reliefs that were part of the purchase price but were never identified during the buying process and have therefore not been claimed. In fact 96% of UK commercial property owners have yet to make this claim.

Capital Allowances can be offset against any income that you have. If a company owns the asset, you can use the allowances against any other companies’ taxable profits within the same tax group. Claims can be retrospective as there is no time limit on how far you can go back in respect to expenditure incurred whist owning the property and you may even receive a refund of the tax paid in the FOUR previous years. So long as you’ve paid tax, the property isn’t held in your pension, SIPP or other wrapper that already attracts tax relief then that’s a serious chance you can claim.

WHAT CAPITAL ALLOWANCES CAN BE CLAIMED?

It is routine for accountants to claim capital allowances for “movable” fixtures and fittings in a shop, for plant and machinery in a factory, or for furniture in a furnished holiday let. They cannot claim such allowances for the “immovable” fabric of the building, however, which is viewed as a non-depreciating asset, however most accounts we’re dealt with do not understand this particular claim and therefore it’s a missed opportunity.

THE OPPORTUNITY

The opportunity WK Associates are concerned with is the class of assets in the grey area between “movable” and “immovable”. Clearly office furniture is movable and the roof is immovable. But what about air-conditioning plant, emergency lighting and alarm systems? These are normally considered by accountants as “freehold improvements” and not therefore eligible for capital allowances. Even when businesses or individuals hear about our service, there is a common misconception that, because the expenditure occurred in the past, they have missed the boat. Not so! Indeed there is no time restriction on when you can claim these allowances.

WHAT ARE CAPITAL ALLOWANCES?

When you spend money buying or improving a property, HMRC allows you to offset some of that expenditure against your profits, or general income for tax purposes.

ITS YOUR STATUTORY RIGHT TO CLAIM

By allowing a retrospective or current acquisition claim based on the purchase price. It is not a contentious tax avoidance scheme or loophole but is based on established UK statutory law dating back to 1878. You are not a “Guinea Pig” as 1500 cases have already been submitted successfully by Portal and they boast a 100% success rate. White Knight Associates acts as an introducing agent for Portal and we are more than happy to help you investigate whether you have a claim to be made or not.

What’s more… to find out it wont cost you a penny. If we fail to find £25,000 or more in missed allowance you don’t pay for anything. Request more information click here