Businesses missing out on tax reliefs
The reliefs, known as Property Capital Allowances, can represent thousands of pounds worth of tax savings with a massive opportunity for brokers to help clients and earn a procuration fee.
David Shortt, director, said: “The kind of embedded plant and machinery allowances that Oliver Rae Associates concentrates on are so closely tied into the very fabric of the building, that it takes a specialist surveyor to attend the property and physically catalogue and quantify them, and ensure that they are fully claimed for.
“Most small to medium-sized accountancy firms will not have the specialised resources available to them to do this, and will turn to specialists like ourselves to assist them and their clients.”
Claims can be retrospective, while up to 10% of total expenditure on property may be available to the client as a tax relief from HMRC.
Shortt added: “These services are now more vital than ever, with upcoming changes to the legislation around these allowances meaning that commercial property owners will literally have to ‘use it or lose it’.
“Properties traded after April that haven’t had these allowances identified and ‘pooled’ will no longer be able to be claimed on, losing both buyer and seller potentially thousands of pounds.”