White Knight Associates tackles FAQ's on Capital Allowances.

Shouldn't my accountant have claimed these already?

Capital allowances are a specialised area, particularly in the gap between "obviously movable" and "obviously immovable" assets. Recent cases have clarified what can and what cannot be claimed, but up to 96% of accountants and their clients are still unaware of the opportunities.

Is this 100% legal?

Yes,100%

How do I know whether my accountant has already claimed these allowances?

Has your accountant been round your property making detailed notes, a detailed inspection, and taking dozens( possibly hundreds) of photographs? If the answer is "no", you can be sure you have a valid claim to make.

I don't want to upset HMRC

Nor do we. If we acted in anyway questionably, we would soon be out of business. We have an established relationship with HMRC based on mutual understanding. Their role is to collect all taxes that are due, by applying the law in a consistent and fair manner. Case law has already established clear lines between what can and what cannot be claimed. We only identify claims that are strictly within the law and will be agreed by HMRC -provided your case is presented in the correct, approved manner. Throughout the process our specialist advisers will handle your claim for you, in collaboration with your accountant.

Will this take up much of my time?

We require only basic information from you; then we do all the work. When our surveyor visits the property they will glean most of the information they require: you actually need to provide very little.

This looks too good to be true.

There are no hidden catches. Your agreement with us is " no report - no fee".

We won't earn a penny unless we can identify at least £25000 of genuinely claimable capital allowances for you or your company.

What if you find me £24999 of claimable allowance?

Our promise is clear. If we do not find you additional claimable allowances of  £25000 or more, you owe us nothing. To be quite clear about this, you will not owe a penny to anyone: you can keep our report free or charge.

I own a small office block which I bought a few years ago. Is it now too late to claim these allowances?

No, it's very rarely too late. It is normally possible to claim missed allowances going back many years, often to when a property was originally acquired.

What are plant & machinery assets?

These are items which qualify for tax relief, and include such diverse items as sanitary ware, kitchen installations and heating installations.

Does claiming capital allowances reduce the value of my properties?

No, you have a right to claim capital allowances and, whether you claim them or not, they are not taken into account when property is valued for commercial or accounting purposes.

Will claiming capital allowances have an effect on my capital gains tax position, if I sell my property?

It is a common misunderstanding that claiming capital allowances somehow reduces your net purchase price, thereby increasing your capital gain tax liability. This is completely false. The tax legislation and HMRC guidelines make it clear that capital allowances will not increase a capital gain.

What is the annual investment allowance?

The AIA is available for most expenditure on plant or machinery, and the tax payer is free to allocate their AIA against plant machinery expenditure in anyway they choose. This is an area where White Knight Associates can help you and your accountant make the most appropriate allocation.

REMEMBER THAT CAPITAL ALLOWANCES ARE A RIGHT AND NOT A PRIVILEGE!

Source: PTC

For further information please contact White Knight Associates on 02033847230

Or check out our website www.wk-associates.com and request a call back from one of our consultants.

White Knight Associates Capital Allowances

Overview:

White Knight Associates work with Portal Tax Claims who are professional experts in the field of Capital Allowances and are widely recognised as one of the industry leaders. The company works extensively with some of the UK's largest IFA, Accountancy, Property and Legal networks to provide surveys and tax reports on commercial properties resulting in hundreds of millions of pounds being claimed.

If you own a commercial building, which includes HMOs, there is a 96% chance that you qualify for a substantial income tax or corporation tax refund.

A Capital Allowance claim is a retrospective or current claim based on the original purchase price and refurbishment costs of a building. It is not a contentious tax avoidance scheme or loophole but is based on established UK statutory law dating back to 1878. Applicants are not "guinea pigs" since thousands of cases have already been submitted and paid out.

White Knight Associates Key services:

We offer a risk free service and if we fail to identify at least £25,000 of claimable allowances you will owe us nothing and we will give you our report free of charge.

At PTC's expense we will ensure that you qualify for a claim, implement a professional survey of the building and develop an effective report in a format that HMRC find acceptable.

Should the report be challenged we will defend the claim at our own expense for the maximum required time of 6 years.

We provide a range fee structures to suit the differing needs of our clients  

Author: White Knight Associates

For more information please contact us on 02033847230 or visit our website

www.wk-associates.com

How to become a capital allowances agent for White Knight Associates today!

You may be an Accountant, an Independent Financial Adviser, a Property Agent, a Letting Agent – or anyone who can spot a great opportunity and is prepared to work at it to achieve results.

Whoever you are, if you are shrewd enough to see the potential in this market, we would like to talk to you. The sooner you get in touch, the sooner you can be earning commission.

We’ve all heard of Mr 10%, but how about Mr 96%?

Although at White Knight Associates we can’t offer that level of commission, we are reliably informed by Her Majesty’s Revenue and Customs’s external consultants that in 96% of all transactions that could attract capital allowances, no claim has yet been made. Let me put that in perspective…

If you visit your local industrial estate with 100 office buildings and factory and warehouse units, it is likely that 96 of them are owed a substantial tax refund by HMRC.

That’s an enormous market with everything to gain and absolutely nothing to lose. Do you think you could persuade them to accept a free NO REPORT – NO FEE survey? Then make a claim?

If yes we want to hear from you today.

Please see our website for further information www.wk-associates.com or speak to one of our angency managers to discuss on 02033847230

Author: White Knight Associates

White Knight Associates on Commercial property tax claims.

If you own a UK commercial property there is an estimated 96% chance that you qualify for tax relief.

White Knight Associates work on a No Report – No Fee Basis.

This is our process for the claim:

1. You can request a call back to discuss your claim

2. Capital Allowances are explained to you and we give an illustration of the tax benefits

3. You sign an agreement with us to start the claim process on your behalf.

4. White Knight Associates act as the introducer we hand you over to our claims department and they start the validation process to assess if a valid claim can be made on your property

5. PTC creates a report that is in a HMRC approved format.

Author: White Knight Associates

For more information please contact White Knight Associates

www.wk-associates.com

White Knight Associates speaks about capital allowances and why are they being over looked?

The answer is twofold. Capital allowances focus on a highly specialist area of the tax system and so it is no reflection on the professionalism or diligence of accountants that some allowances are not being claimed.

White Knight Associates reports: Capital allowances are costs that businesses incur that can be reclaimed against tax as defined by the Capital Allowances Act 2001. They cover a wide range of commercial property from hotels, retail, industrial and multi-let properties and there are surprisingly few exclusions, such as if the owner is a charity or pension fund, and just a handful of qualifying criteria stating that the owner must be a UK taxpayer, but this includes individual, LLPs, PLCs and Ltd companies.

Author: White Knight Associates

For more information please contact White Knight Associates.

www.wk-associates.com

Why is such an important opportunity being over looked? By White Knight Associates

One of the main messages regarding capital allowances is that this is neither a tax avoidance scheme nor a recent loophole that HMRC are unaware of and will regard with suspicion. The primary aim of the UK statutory law dating back to 1878 was to allow commercial property owners to improve their property and the provision of this benefit holds as true today as it did then. The law has been revised and refined over recent years and was simplified in a major way in 1971 to eliminate burdensome record-keeping and computational requirements; a further simplification in 1984 saw the elimination of initial and first year allowances, among others. Further revisions followed in 1990 and the current legislation we are working to is the Capital Allowance Act 2001.

Author Shaun Murphy PTC

White Knight Associates act as an introducing agent to PTC.

For more information please contact White Knight Associates www.wk-associates.com

White Knight Associates on Multi-Let/Houses in Multiple Occupation (HMOs)

HMRC Brief 45/10 issued on the 22nd October 2010 effectively stopped the majority of landlords/investors from making a worthwhile claim on their multi lets.

Pre 22nd October 2010 landlords were able to claim on all the communal areas of a dwelling excluding the actual bedrooms (classed as residential) themselves which would typically result in identifier has dramatically, reduced the client viability in claiming on the above properties.

Essentially under the new Brief you can no longer claim on the communal areas that support the bedrooms elements of the building i.e. kitchens, bathrooms, lounge & dining rooms. Previously a claim would off produced identified capital allowances in the region of 20-25% of the purchase price however under the new regime we expect this to be in the region of 7 to 12%!

However WK Associates can offer the following services:

For property purchases between 29th December 2008 and up to 22nd October 2010 we can make a multi let / HMO claim on the Pre Brief 45/10 basis whereby we can claim on everything except the actual bedrooms resulting in a claim against the original purchase price of approximately 20-25%.

Pre 29th December 2008 purchases White Knight Associates can still claim if the portfolio has a purchase price circa £1,000,000 + but the free report if under £25,000 per individual property will not be applicable and the individual properties of the portfolio have to be in the same vicinity as each other and each property within the portfolio must have a purchase price of at least £100,000. As in accordance with Brief 45/10 we calculate the expected allowances will be in the region of between 7 -12% of the purchase price.White Knight found that Capital Allowances of approximately 20% – 25% of the original purchase price, position on resale.

www.wk-associates.com

Source PTC

White Knight Associates on capital allowances tax relief for HMO owners.

White Knight Associates recently met up with a commercial accountant who told us about this amazing new tax relief scheme for anybody who owns a HMO.

WK Associates found If you own a HMO, you may be able to take advantage of Capital Allowances Tax relief, to mitigate your previous and current year’s tax liability.

Whether you are an armchair property investor, entrepreneur, or own just 1 HMO property, you could mitigate your current liability, and also get a refund from HMRC for previously paid tax!

White Knight Associates explains what Capital Allowances are.

Plant & Machinery Capital Allowances, relate to the tax relief associated with certain qualifying items within the communal areas of HMO properties.

Having recently come into the limelight do to a technical clarification by HMRC, these allowances are an extremely valuable tax relief. You can reclaim tax paid up to 5 years previously.

Once these items have been identified, valued and documented, you can reclaim previously paid Income tax, reduce your current year income tax liability, or roll forward the allowances until such time when they are required, depending on how long you have owned the property.

There is no time restriction on claiming – a property you have owned for 10 years, can qualify!

Capital Allowances provide a deduction for tax purposes in lieu of the depreciation charged in the accounts on Capital Expenditure. They are of direct relevance to every legal entity, operating in the UK with the exception of those that are tax exempt.

Capital Allowances tax relief has been around, in one form or another, since 1878. These are widely used by the commercial sector and are also available to individuals who own qualifying properties.  Capital Allowances cover a number of tax relief strategies including Plant & Machinery Allowances Relief.

Plant & Machinery Allowances Relief

Plant and machinery for HMO’s includes:-

heating and air-conditioning

lifts

wiring to fixed plant

switchgear

emergency lighting

fire alarm installations

sanitary fittings

hot water installation

carpets and removable floor coverings

fittings and furniture

demountable partitioning used for trade flexibility

fire fighting equipment

mechanical door closers

security equipment

telecommunications installations

trade and information signs

vehicle control equipment

window cleaning equipment and assets used to create ‘atmosphere’ or ‘ambiance’ in a hotel, restaurant or public house.

This list is by no means exhaustive but provides a guide to the plant & machinery most commonly found in buildings.

In addition, expenditure incurred on certain other assets including fire safety, thermal insulation and building alterations incidental to the installation of plant and machinery may also be eligible.

The rate of relief varies from 100% in the year of purchase (AIA / FYA), to 10% (WDA).

Other allowances are available, but these are largely restricted for companies and are not largely applicable to HMO owners.

Who Can Claim?

Must  be a UK Tax Payer (Either Income tax, or Corporation tax)

Must incur the capital expenditure.

Must be ‘qualifying’ items of expenditure or ‘qualifying’ buildings.

WK Associates explains what Can Be Claimed?

Development of property

Fit out works

Refurbishment or alteration works to existing property

Purchase of property

WKA tells you how much can be saved?

Typically, between 15% and 25% of the purchase price of a HMO property will qualify for Plant & Machinery Capital Allowances Tax relief.

Purchase Price                                   Capital Allowances available (tax free income)

£100,000                                                           £20,000

£120,000                                                           £24,000

£140,000                                                           £28,000

£160,000                                                           £32,000

£180,000                                                           £36,000

£200,000                                                           £40,000

£250,000                                                           £50,000

£300,000                                                           £60,000

£350,000                                                           £70,000

n.b. – these allowances are averages, based on previous work undertaken, your property may attract more, or less capital allowances. Your claim is based on purchase price, qualifying expenditure, and the total communal areas of the property. This is a guide only.

For further information or to arrange a survey on YOUR HMO properties, you can contact Barry Williams below.

http://www.wk-associates.com/

02033847230

(White Knight Associates) Foreign Property allowances going to waste.

White Knight Associates realise property owners are looking to reap returns from their UK homes, many are forgetting that they may be owed substantial amounts of cash from their offshore properties.

Those who own furnished holiday lets, both in the UK and within the European Economic Area, could be entitled to claim large sums of money through sizeable capital allowances.

This comes down to the fact that despite the relatively small income that is generated from a furnished holiday let, it is still classified as a commercial property and therefore the owner is still entitled to claim.

Considering the current state of the European property market, this is good news for the majority of furnished holiday letters.

The conditions in Spain, where huge numbers of Brits currently own property, are among the worst and there are currently an estimated 700,000 empty new homes in the country.

The message then to the Brits who have held on to their overseas property through the financial turmoil is to claim back what is rightfully yours, before the opportunity is gone.

By Barry Williams www.wk-associates.com

About White Knight Associates LTD

White Knight associates works with Portal Tax Claims as a specialist capital allowance claims company which is part of the Portal Group that works in collaboration with your existing advisers to identify and create retrospective and current capital allowance claims that lead to significant tax refunds www.wk-associates.com

Business Premises Renovation Allowances by White Knight Associates

White Knight Associates would like to explain that business premises renovation allowances is intended to encourage companies or individuals to bring qualifying business premises, whether freehold or let, back into business use.

Working with Portal Tax Claims, WKA found that business premises renovation allowances provide a 100% initial allowance in the year the expenditure is incurred, or if it is preferred by the taxpayer, 25% per annum on a straight line basis. They are particularly valuable because all expenditure incurred qualifies, unlike commercial.

The Finance Act 2005 introduced a scheme enabling people or companies, who own or lease property that has been vacant for a year or more in designated disadvantaged areas of the UK, to claim full tax relief on their capital spending on the conversion or renovation of the property, in order to bring it back into business use. After protracted negotiations with the EU, implementation eventually took take place on 11 April 2007.

Expenditure must be incurred on the conversion, renovation, or incidental repairs of a ‘qualifying building’ into a ‘qualifying business premises’. WK Associates found the relief is not available for extensions (except to provide access to qualifying business premises), moveable plant and machinery, or property previously used, or to be used for certain trade sectors:

Qualifying Expenditure

It was found that the qualifying expenditure is capital expenditure on

•                             converting a qualifying building into qualifying business premises,
•                        the renovation of a qualifying building that is, or is to be, qualifying business premises, and
•                           repairs to a qualifying building.

We believe the following is not qualifying expenditure. Expenditure on:

•                        acquiring land,
•                     extending a qualifying building, or
•                         developing land next to a qualifying building.

For example, adding another storey to a qualifying building or creating a basement for a qualifying building is not qualifying expenditure.

Qualifying Building

A qualifying building is an unused commercial building or structure or part of an unused commercial building or structure. The building must have been unused for a year immediately before the conversion or renovation began. This means that it must not have been used for anything for a year before conversion begins. The last use must not have been as a dwelling.

Source: PTC

http://www.wk-associates.com/

Gaining Capital Allowances from Your Commercial Properties by White Knight Associates

Have you ever heard of Capital Allowances?

If you are one of those individuals who own a commercial property or one of those improving their properties anywhere in the UK or within the EEA, then you need to sit back and read this. Capital Allowances, otherwise known as Commercial Property Tax Claims (CPTC), are best explained wherein the HMRC lets you offset some of the expenses you made in buying or improving a property against any income that you have. These allowances can be claimed since it is your statutory right to do so.

White Knight Associates specialize in providing the right consultant to help you claim your capital allowances. Through a joint venture with a specialist capital allowance claims company, they collaborate with your existing advisers to help identify and create retrospective and current capital allowance claims which lead to significant tax refunds. An experienced team of accounting and surveying experts work hand in hand to spot Capital Allowances reliefs that were unclaimed in the past. The Capital Allowances reliefs usually were part of the procurement value but were never known during the buying process.

Always bear in mind that as UK taxpayers, Capital Allowances are a right and not a privilege. A NO REPORT – NO FEE policy ensures a fair payment term. If the specialist capital allowance claims company is unable to find more than £25,000 in missed capital allowances, it is FREE of charge. This is inclusive to the report and service. WKA is committed to constantly find exceptional and remarkable solutions that lead to your tax reduction, increase of wealth and accomplishment of your long-term objectives both personally and at a corporate level.

WK Associates also specialize in a diverse range of services to private and corporate clients. Using the distinctive approach of networking, they are able to help you find the finest professionals in all areas of business and investment life. Doing so, they help you save valuable time and money as well as deliver results that you need. You can also avail their services on alternative investments, asset protection, and tax solutions.

Now that you are aware in the existence of CPTC, take time to speak with one of WKA’s agents. WKA is dedicated to help from start to finish. Detailed explanations are transparently given to potential commercial property owners.

You can find out more information and FAQs about WKA at their website. Give them a call back on their designated telephone number or email them. All these can be found in the White Knight Associates website.

Get started now and claim your Capital Allowances!

White Knight simplifies Commercial Property Tax Claims

White Knight Associates on Capital 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.

It’s 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 thousands of cases have already been submitted and paid out.

Will I qualify?

To claim capital allowances you (or your company) must satisfy the following criteria:

·     You are a UK taxpayer (Income Tax or Corporation Tax)

·   You own a UK commercial property with a minimum purchase of £200,000

·   OR you own a furnished holiday property either in the UK with a minimum purchase price of £200,000 or within the EEA with a minimum purchase price of £300,000 (collectively)

·   The property is not held fully within a pension fund, charity, government owned or traded as stock

White Knight Associates are an agent for a specialist capital allowance claims company Portal Tax Claims that works in collaboration with your existing advisers to identify and create retrospective and current capital allowance claims that lead to significant tax refunds. By adding value, our 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.

Typically we find Capital Allowances equivalent to 25% of the property’s purchase price and, if we don’t secure at least £25,000 in unclaimed allowances, you won’t owe anyone a penny.

Best of All……

Capital Allowances can be offset against any income  that they derive from.

If a company owns the asset, you can use the allowances against that company’s taxable profits and then against any other company within the same tax group, if a loss is created. Claims can be retrospective as there is no time limit on how far you can go back, in owning the property and you can even go back two tax years for a tax refund !

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. The opportunity we 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.

For more information on capital allowances for commercial property please visit our website White Knight Associates Source Portal Tax Claims

Capital Allowance Breaking News

White Knight Associates (WKA) has some breaking news to pass on.  A consultation paper has just been issued by HMRC proposing fundamental changes to the rules for capital allowances claims for fixtures in commercial properties. This paper follows the announcement in the 2011 Budget that the Government would be consulting on a ‘mandatory pooling’ proposal.

The proposal is aimed at preventing allowances from being given more than once on the cost of a fixture.  If the proposals in the consultation paper take effect as drafted, and become legislation in the 2012 Finance Bill, it will have a lasting impact on all businesses and property investors. It is therefore very important that you know how these proposals could affect you:

Key proposals:

·        Buyer and seller will be required to agree a capital allowances transfer value and notify HMRC of all sales within one to two years. It is thought that this would replace the current s198 tax elections which do not currently have to be used and are only applicable once a seller has made a claim;

·         The possibility of a s198 tax election for £1 will be withdrawn and transfers will be made at tax written down value, reducing the ability to limit claw back of  capital allowances claimed;

·         All businesses will be required to pool expenditure on fixtures within a short period after acquisition (‘mandatory pooling’);

·          All businesses will be required to pool fixtures for all historical expenditure (‘mandatory pooling’);

Reason for change:

·         HMRC consider that the capital allowances history of acquired fixtures have not been satisfactorily checked by taxpayers to date;

·         This has led to the perception that claims are being made numerous times on the same fixtures at increasing value, due to the current inefficiency of tracing the tax history;

· This has been backed by HMRC acknowledging that they do not have adequate records or controls to track the tax history of former owners. Transfer values of all property sales are now to be recorded at the time of sale to correct this issue.

Actions you should take:

·          Contact WKA now for free, no obligation advice, tailored to your needs;

·          Consider making additional capital allowances claims now where you have not already made a claim or where there could be an under claim.

Currently, the wording of HMRC’s consultation does not prevent additional claims being made before properties are sold.  However, due to the imminently expected change you may wish to fully secure your rightful capital allowances benefits while you still can;

·        You should consider transferring properties inter group with s198 election for £1 to lock in capital allowances claims today as future third party sales seem increasingly likely to require transfers at tax written down value;

·        The consultation paper does not address the practical implications of a large amount of property transfers.  It makes no reference to how the transfer value is to be calculated if both parties are non-tax payers (such as charities).   Additionally, if the seller did not fully claim their allowances, it is not clear what flexibility, if any, there is for the purchaser to make any additional claims.

It is clear that there are a number of uncertainties and ambiguities to consider. No doubt many issues will be raised in the consultation process and more information will be available throughout the consultation period.

WK Associates, as one of the industry’s most proactive experts, intend to take an active role in lobbying during the consultation period. Please make sure you look out for our regular updates and feedback.

If you would like us to include your comments please let us know by email to info@wk-associates.com

With every change that HMRC try and introduce there is an opportunity for clients; White Knight associates will ensure we give you the best chance to take advantage of that opportunity.

Source: www.portaltaxclaims.com

For more information and a free evaluation to see if you can claim contact us at:

 http://www.wk-associates.com/



or call:
WKA on 0203 384 7230