For many fit-out projects and refurbishments, the tax reliefs available to businesses on capital expenditure are often not considered until completion of the project. This can sometimes result in missing supporting information and reduced claims for Capital Allowances, which are available to all sizes of business.

Involvement of specialists from the outset can result in significantly higher levels of expenditure being identified as eligible for tax relief thus reducing the overall cost of a project to the business.

We have specialist tax advisers who can assist in the planning stages of a capital project to ensure the design is as tax efficient as possible.

Our services include:

  • Reviewing the initial project design to identify where changes to the design can be made to make the project more tax efficient.
  • Reviewing the project specifications to ensure, where relevant, qualifying energy efficient assets eligible for Enhanced Capital Allowances are incorporated into the design.
  • Considering the timing of the expenditure to ensure relief is available at the highest rate of tax.
  • Liaising with your contractor to collate information to both prepare and support the claim for capital allowances.
  • Preparing a detailed claim for capital allowances to ensure the client fully maximises its claim for tax relief in relation to the capital project.

The tax savings can be significant, especially with recent increases announced by the Chancellor to the Annual Investment Allowance which gives businesses 100% tax relief on up to £500k of capital expenditure until 31 December 2015.

For further information, please contact Paul Attridge.