We have completed claims on many different properties in the past, however one of our most interesting claims was a client who owned various properties under one company, including retail properties, public house and an industrial estate. From the onset we knew that this client certainly had the potential for a substantial claim.
Typically within a retail property, around 20% of the original purchase price of the property can be identified as allowances, and the figures are around 32% for pubs and 15% for industrial estates, so on one property alone this client had the potential for a substantial claim, and adding two other properties made a combined property worth of £6,307,513. So we knew that this would be a very worthwhile activity for the client.
Within the property, we identified allowances on items such as sanitary ware, kitchen fittings, door closers, lighting systems, suspended ceilings boilers, security systems and more.
As expected, the allowances found were high, as we identified combined allowances of £1,701,650, which resulted in a hefty tax refund of £105,598 to the property owner. If the owner hadn’t employed us to identify a claim, they could have missed out on thousands of pounds of cash refunds and potentially continued to overpay large amounts of tax.
Some may think that it would be a lengthy and time-consuming process to claim such a level of allowances, however the reality was the complete opposite. We dealt with all the complicated details and communicated with HMRC to receive the refunds, whilst the property owner simply provided the basic details of the property and then just waited for their refund! Sound like an exercise worth doing? Get in touch with us today to see if you could make a claim.