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Category Archives: Press Releases

Winners – New Business of the Year

HMA Tax are very pleased to have won the coveted New Business award at the Black Country Chamber of Commerce Awards 2017. This award recognises the excellent service we provide to our clients and the exceptional growth we have achieved whilst helping businesses and individuals identify over £60m in allowances. We are extremely grateful for this award and are delighted to add this to our shelf.

The competition in this category was very strong and we are proud that our customer service record and remarkable 100% approval rate with HMRC was recognised by the judges.

Tom Meredith, Managing Director, commented:

“We have an excellent team here at HMA Tax and I am proud that together we are able to offer such an incredibly valuable service to owners of commercial property across the UK. To come out on top of what was a very competitive category is very flattering”.

HMA Tax help owners of Commercial Property identified previously unclaimed capital allowances and receive tax refunds.

How Landlords Can Avoid Missing out on Tax Relief

If you’re a landlord, you’ll likely be aware of the benefits of a commercial to residential conversion, and may be considering this option for your property. If this is the case, action must be taken in order to avoid missing out on substantial tax relief in the form of Capital Allowances.

These allowances are available to owners of commercial property, which is why a claim must be made before the property becomes residential. In recent years, many landlords are beginning to take advantage of the government’s decision to make permitted development rights for office-to-residential conversions permanent. Whilst landlords are in the process of making this conversion, there is still time to get in touch with Capital Allowance specialists to investigate whether allowances can be claimed within the property whilst it is still classed as commercial.

Capital Allowances are based upon items that are considered part of the property which are eligible for tax relief. These items would include security systems, heating systems, toilet facilities and more. The amount that can be claimed would typically be around 30% of the original purchase price for office  buildings. Specialists are required to make a claim because they will already have a qualified team of chartered surveyors and tax advisors, as well as a detailed knowledge of the HMRC guidelines.

Allan Mannion, Business Development Director at Capital Allowance specialists Headley Meredith Associates explains:

“One of the strangest aspects of this subject is that whilst the commercial property a business or individual owns is quite likely to be their highest expense, they are rarely aware of the opportunity for tax relief that comes with it.

In the case of commercial property, you need a specialist team to determine the qualifying items embedded in the property, an understanding of how to use complex HMRC formula and an understanding of the complex tax rules. All of those skills can be applied by a Capital Allowance expert.”

Claims need to be made before or at the point of sale, and before work begins on the property. Once the property becomes residential, all allowances will be lost and there will no longer be a chance to make a claim. The Government have tightened their rules on Capital Allowances, which makes it vital for commercial property owners to employ Capital Allowance specialists to provide all the necessary legal advice and process claims on their behalf. Specialists can survey the property and prepare a report within 5 weeks, which greatly speeds up the rate at which the landlord can receive the allowances.

Owner of Arctic Spas Makes Substantial Tax Claim

There was a lot to celebrate at the Arctic Spas headquarters recently as owner David Martin was able to claim back thousands of pounds in tax relief on his Arctic Spas showroom.

These tax refunds are also known as Capital Allowances, which are a form of tax relief available to UK tax paying commercial property owners, such as David. These allowances were claimed on items that were considered part of the building, including air conditioning, heating systems, toilet facilities, kitchen fittings and more.

Much to the Kidderminster based owner’s surprise, he received a substantial amount of tax refunds:

“I couldn’t believe that my accountant didn’t do this, and when I found out, I was able to claim back a substantial amount of tax benefits. It turned out that all I needed was a specialist team to identify certain embedded items.”

Similarly to David, many commercial property owners believe that their accountant will deal with Capital Allowance claims, however this is often not the case because accountants typically do not have the specialist team in place that are required to identify allowances, which is why commercial property owners need to employ Capital Allowance specialists to process these claims for them.

Allan Mannion, Business Development Director at Capital Allowance specialists Headley Meredith Associates explains:

“One of the strangest aspects of this subject is that whilst the commercial property a business or individual owns is quite likely to be their highest single expense, they are rarely aware of the opportunity for tax relief that comes with it.

In the case of commercial property, you need a specialist team to determine the qualifying items embedded in the property, an understanding of how to use complex HMRC formula and an understanding of the complex tax rules. All of those skills can be applied by an Embedded Capital Allowance expert.”

Many more commercial property owners can claim for tax allowances, just as David did. David and his team are certainly reaping the rewards!

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Why Veterinary Surgery Owners Can Claim Capital Allowances

Veterinary surgery owners may be interested to know that they have the potential to claim tax refunds on items within their property, also known as Capital Allowances, and are based upon items that are considered part of the commercial building.

These refunds are available to UK tax paying commercial property owners, such as veterinary surgery owners who haven’t made a previous claim on their property. The reason why many owners are unaware of their potential to claim is because they often expect their accountants to have already made a Capital Allowance claim for them, however this is very unlikely due to the specialist nature of the work involved and the requirement for a team of chartered surveyors and chartered tax advisors.

The type of items that could be claimed on within a veterinary surgery would include air conditioning, advanced electrical equipment, toilet facilities and more, all which are essential to the running of the business.

Allan Mannion, Business Development Director at Capital Allowance specialists Headley Meredith Associates explains:

“One of the strangest aspects of this subject is that whilst the commercial property a business or individual owns is quite likely to be their highest single expense, they are rarely aware of the opportunity for tax relief that comes with it.

In the case of commercial property, you need a specialist team to determine the qualifying items embedded in the property, an understanding of how to use complex HMRC formula and an understanding of the complex tax rules. All of those skills can be applied by an Embedded Capital Allowance expert.”

The amount of tax refunds available may surprise some, as in most cases, around 25% of the original purchase price of the building would be identified as allowances, which means if a building was bought for £500k there would be around £125k of identified allowances, resulting in a substantial tax refund to the veterinary surgery owner.

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What are Embedded Capital Allowances?

It is a little known fact that commercial property owners can claim thousands of pounds in tax relief from their property in the form of Embedded Capital Allowances. Embedded items are inherent in the property, and much to some people’s surprise, range from air conditioning and security systems to kitchen and toilet fittings, which means there can be a lot of tax relief on a great deal of items.

David Martin, owner of Arctic Spas, explains his surprise in finding that he could claim:

“I couldn’t believe that my accountant didn’t do this, and when I found out, I was able to claim back a substantial amount of tax benefits. It turned out that all I needed was a specialist team to identify certain embedded items.”

It is estimated that nearly 80% of these allowances are yet to be claimed, which means there are many commercial property owners unnecessarily missing out on substantial tax refunds due to the complexity of the subject. Claiming these allowances is supported by HMRC who recently said:

“You can claim Capital Allowances on items that you keep to use in your business- these are known as ‘plant and machinery’. In most cases, you can deduct the full cost of these items from your profits before tax.”

Allan Mannion, Business Development Director at Capital Allowance specialists Headley Meredith Associates explains:

“One of the strangest aspects of this subject is that whilst the commercial property a business or individual owns is quite likely to be their highest single expense, they are rarely aware of the opportunity for tax relief that comes with it.

In the case of commercial property, you need a specialist team to determine the qualifying items embedded in the property, an understanding of how to use complex HMRC formula and an understanding of the complex tax rules. All of those skills can be applied by a Capital Allowance expert.”

The amount that can be claimed would surprise some, for example, the typical claim would be around 25% of the original purchase value of the property, which represents £125k of allowances in a £500k property.

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Dentist Surgery Owners Entitled to Substantial Tax Relief

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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Local Business Owner Claims Substantial Tax Relief

A Shropshire based business owner had a lot to celebrate recently as they were able to claim back thousands of pounds in capital allowances on their commercial property.

The business owner, who cannot be named for private taxation matters, was able to make a capital allowance claim based upon items within their building. These items are considered part of the property that are eligible for tax relief, and typically include items such as security systems, air conditioning, kitchen fittings and more. These items can hold thousands of pounds in tax relief.

The business owner expressed their delight in claiming:

“Upon hearing of capital allowances, I just expected it to be another tax loophole. However, once I spoke to capital allowance experts who explained how as a commercial property owner it was my right to claim, I discovered that I had been sitting on thousands of pounds in tax relief.

Claiming was so easy as the specialists took care of everything for me, from surveying the property to submitting the report to HMRC, I barely had to do anything!”

Many commercial property owners are now employing specialists to make a claim on their behalf because their accountant are unlikely to have a specialist knowledge of the HMRC guidelines that is required, as well as a team in place who are qualified to process these claims.

Many other commercial property owners in Shropshire could have the potential to make a capital allowance claim, and could be unaware that they may be sitting on thousands of pounds in tax relief.

Allan Mannion, Business Development Director at capital allowance specialists Headley Meredith Associates explains:

“One of the strangest aspects of this subject is that whilst the commercial property a business or individual owns is quite likely to be their highest expense, they are rarely aware of the opportunity for tax relief that comes with it.

In the case of commercial property, you need a specialist team to determine the qualifying items embedded in the property, an understanding of how to use complex HMRC formula and an understanding of the complex tax rules. All of those skills can be applied by a capital allowance expert.”

The amount that can be claimed would surprise some, for example, the typical claim would be around 25% of the original purchase value of the property, which represents £125k of allowances in a £500k property, translating as £50k in direct tax refunds.

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Care Home Owners Claim Capital Allowances!

There were smiles all round at a Bricklehampton based care home recently as the owner had received thousands of pounds in tax refunds, also known as Embedded Capital Allowances.

The care home owner was able to claim these tax refunds on items that are considered part of the property, such as air conditioning, heating systems, boilers, kitchen and toilet fittings, security systems and more. These items were all considered eligible for tax relief, and the owner discovered that they had been overpaying a great deal of tax on these items.

Capital allowance specialists were employed to make a claim for this property owner, which is often the case with these types of tax claims as specialists are required to survey the property to see whether it qualifies for a claim.

Many commercial property owners have not heard of the concept of Embedded Capital Allowances because they often think their accountant will have made a claim for them, however accountants don’t usually specialise in these kind of claims, which is why capital allowance specialists can make a claim on the owner’s behalf.

Allan Mannion, Business Development Director at capital allowance specialists, Headley Meredith Associates, explains:

“One of the strangest aspects of this subject is that whilst the commercial property a business or individual owns is quite likely to be their highest single expense, they are rarely aware of the opportunity for tax relief that comes with it.

In the case of commercial property, you need a specialised team to determine the qualifying items embedded in the property, an understanding of how to use the complex HMRC formula and an understanding of the complex tax rules. All of those skills can be applied by Embedded Capital Allowance experts.”

These tax refunds can be found in many other types of commercial properties, including hotels, veterinary and dentist surgeries, restaurants, retail stores, industrial warehouses and more.