James Telling, Head of Development and Acquisitions – 3rd May

The following is vital for solicitors who work with commercial property owners.

Many Solicitors are facing litigation risks due to consequential losses on tax savings, due to inaccurate completion of CPSEs.

Section 32 of the CPSE relates to Plant and Machinery embedded within the property and must be accurately completed to secure any potential Capital Allowances ensuring they are not lost to either the purchaser or the vendor.

Legislative changes mean the pressure is on your firm to stay up to date on capital allowances, these changes have increased significantly in recent years.

This means that you must obtain complete and accurate information in order to execute purchase documents correctly. Completing documents with comments such as “Referred to Accountant” or getting Clients to sign disclaimers are simply not acceptable.

A failure to deal with capital allowances could result in a complete loss of allowances for current and future taxpayers who own the property.

This is likely to negatively impact upon the market value of the property in the future.

As less than 20% of property owners have claimed the Capital Allowances they are entitled to, your Clients allowances could be lost in perpetuity on their commercial property.

We work with hundreds of Accountants & Solicitors across the United Kingdom to help their clients claim these allowance in full.

If you own a commercial property and would like to find out more how your business could improve their tax situation, please call James Telling, Head of Development and Acquisitions on 01384 904090 or email james@hma.tax for more information.