Dentists are becoming increasingly aware of their right to claim Embedded Capital Allowances on their properties and the sizeable tax refunds such claims can return. Dentists across the UK are receiving unexpected tax refunds from HMRC for items they haven’t yet claimed for.
It’s a common misconception that a dentist’s accountant will have claimed these allowances already as the process actually requires a report authored by a chartered surveyor and a specialist chartered tax advisor.
The type of items that have often gone unclaimed include air conditioning, surgery equipment, specialised lighting, heating systems, toilet facilities and more. These are items often embedded in the surgery, forming part of its overall value when purchased or when refurbishments are carried out. A specialist team is required to establish which items have not been claimed for and their value.
A typical claim would be around 25% of the original purchase value of the property, which represents £125k of allowances in a £500k property. Claims with reputable specialists are always on a contingency basis and you should never be charged upfront or for an unsuccessful claim.
Tom Meredith, Managing Director at Capital Allowance specialists Headley Meredith Associates explains:
“Dentists are often unaware of the potential their surgery holds for tax relief, since many believe their accountant will have claimed the relief. This is why we work closely with accountants across the UK to ensure the maximum tax relief available is claimed for property owners.
It is always worth finding out whether you’re entitled to allowances, because in many cases, commercial property owners discover that they have been sitting on thousands of pounds in tax relief, and are only charged a small fee once allowances are identified.”
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