Theatre and Arts Facility in Birmingham
A theatre and arts facility was purchased for £1.5m in 2020. Our team conducted a comprehensive review of the property and discovered £300,000 in unclaimed Capital Allowances.
Capital Allowance claim for a Theatre and Arts Facility in Birmingham
In 2020, the owner of a dynamic theatre and arts facility in Birmingham engaged HMA Tax to explore the untapped potential within their property. Purchased for £1.5 million, the facility played a vital role in fostering artistic endeavours and community engagement.
The artistic nature of the facility required a nuanced understanding of allowances on creative installations and specialised equipment, contributing significantly to the overall claim.
Our Approach
Recognising the unique assets inherent to artistic spaces, our proficient tax advisors conducted a detailed review of the property’s capital expenditures.
The analysis revealed £300,000 in unclaimed allowances, precisely 20% of the purchase price, covering essential theatrical equipment, creative installations, and other qualifying assets. Collaborating with the facility’s accountants, we ensured a seamless integration of these allowances into their financial strategy.
Thanks to HMA Tax’s expertise, the theatre and arts facility owner successfully claimed £300,000 in unclaimed Capital Allowances. This amounted to a substantial tax saving of £60,000, providing essential financial support for ongoing artistic endeavours and community outreach programs.