Over the years, standards in dental practices have significantly improved, which can often result in the potential for high Embedded Capital Allowance claims for surgery owners. With the use of highly specialised equipment, owners have the potential to claim allowances on these items, which we found recently with a client who was able to claim a significant amount of allowances on items within the surgery they practiced from.
Much to our clients’ surprise, we were able to identify a wealth of allowances within the surgery that was originally worth £104,880. Items such as air conditioning, specialist lighting, sinks and plumbing in each room, specialist equipment, security systems, emergency lighting, wiring and more all qualified for capital allowances. These items are considered part of the surgery and can be costly to run, which is why it was important for the owner to claim the tax refunds they were entitled to and see these refunds as their right, not a privilege.
After an initial free consultation with our business development experts, we arranged for a surveyor to assess the property upon which they identified these items that qualified for tax relief. Much to the delight of our client, we identified £34.5k of allowances which resulted in a cash refund of £6,976 to the surgery owner.
These refunds provided fantastic benefits for the property owner, and have the potential to increase the value of the property, so if the owner comes to selling the property, they can look back upon this exercise and see it as a very worthwhile activity that provided present and future benefits, and at no risk to the individual.