When undertaking fitouts and refurbishments, there’s more than just the aesthetic or functional appeal to consider. This is an opportune time for businesses to capitalise on available tax reliefs, ensuring they maximise their financial gains from the venture.
With the right insight, businesses can not only transform their properties but also drive economic efficiency through savvy tax strategies.
The journey of refurbishing or fitting out an existing property is not just about altering its physical appearance. It’s a strategic play that involves understanding underlying construction principles, classifying expenditures correctly, and harnessing the potential tax benefits.
Key considerations include:
However, diving into the complexities of Capital Allowances for fit outs and refurbishments requires expert navigation. While some costs can be treated as revenue items, others need to be capitalised. The thin line separating the two often requires thorough scrutiny and understanding.
Just as Full Expensing offers businesses a chance to drive down their tax liabilities, Fit outs and refurbishments have their own set of advantages in the realm of capital allowances. Different types of Capital Allowances, be it Annual Investment Allowance (AIAs), Writing Down Allowance (WDAs), or First-Year Allowance (FYAs), each offer specific benefits. The key is to identify which ones align with your refurbishment plans.
At HMA Tax, our team is equipped with the knowledge and expertise to assist businesses in harnessing the full potential of their fit outs and refurbishments. From categorising expenditures to ensuring every available tax relief is capitalised upon, we’re here to ensure your renovation ventures are both visually and financially rewarding.
With over 7,000 claims completed, HMA Tax is trusted by thousands of commercial property owners, Accountants & Solicitors across the UK.
Our service is guaranteed to be fully HMRC compliant, meaning our clients have peace of mind when claiming their Capital Allowances with the UK’s leading independent specialists.
We regularly handle Embedded Capital Allowance claims for commercial property owners and property professionals, ensuring that they are processed quickly, efficiently and effortlessly.
Probably not. It’s a highly specialised area of tax statute and requires very specific knowledge of this area as well as a specialist team that includes a chartered surveyor and a chartered tax specialist.
No, Capital Allowance claims do not effect the value of your property and have no impact on your Capital Gains position.
In fact, when buying or selling commercial property, a Capital Allowance claim from HMA Tax can have a positive impact on your overall position.
Capital Allowances are part of standard business routines and are therefore claimed each year against cost clients incur to operate. HMRC does not take issue with Capital Allowance claims on the basis we adhere to guidelines and the legislation applicable to each claim.
Fortunately, at HMA Tax we have a flawless, 100% success rate with claims we have made to HMRC and have never had an issue completing a claim with HMRC.
Absolutely not. We look at claims for you on a results only basis, which means that if we do not find allowances that have been approved by HMRC, then we charge you nothing and any initial costs are covered by us. Our fee is completely linked to a successful outcome, so there is nothing to lose by investigating a potential claim.
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