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Tax Relief on Your Property?
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Businesses investing in certain assets have the right to Capital Allowances (CAs); a valuable form of tax relief.
Tax legislation covering the availability of CAs is complex and has recently undergone changes. CAs are now available on integral features of a property and examples of these are items such as lighting, general power and cold water systems.
The complexity and constantly evolving nature of CA’s means that historically, these allowances may not have been claimed to their maximum potential. However, it is possible in most cases to claim missed allowances going back several years, provided the items are still in use for the purpose of the trade.
As well as current year and new build CA claims, it is possible to carry out retrospective claims for commercial properties owned by both individuals and companies right across the commercial sector.
These CA claims will provide a way to reduce future tax liabilities and most retrospective CA claims lead to a significant tax refund.
If the owner (individual or company) of the property is a UK taxpayer this may be a great opportunity to reduce tax liabilities and obtain a tax refund.
If you would like to discuss this opportunity further please contact JOANNE COOPER on 0161 7032500 or e-mail joanne.cooper@champion-accountants.co.uk
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