Care Home in Leeds
A state-of-the-art care home was acquired for £25.2m in Leeds in 2022. Our team undertook an exhaustive examination of the property, identifying £8.82m in unclaimed Capital Allowances.
Capital Allowance claim for a sophisticated care home facility in Leeds
In 2022, an established healthcare provider approached HMA Tax with a newly acquired care home in Leeds. They had purchased the site for £25.2m, and while the facility was in great condition, it was clear that there were opportunities to claim Capital Allowances. The healthcare provider was looking to ensure that all potential allowances had been identified and properly claimed.
Our Approach
HMA Tax was thrilled to engage with this important project. Here’s how we approached the task:
Comprehensive Review: We initiated a detailed assessment of the care home, including all assets, structures, and costs. We inspected all elements of the property to uncover any unclaimed Capital Allowances that were available to the owner.
Asset Identification: Our expert team identified assets that qualified for Capital Allowances, including essential care equipment, energy-efficient installations, security systems, and various fixtures and fittings. We meticulously catalogued these items, determining the appropriate values that could be claimed.
Collaboration with Accountants: We collaborated closely with the owner’s accountants, ensuring that all unclaimed Capital Allowances were identified and processed. We assisted with the preparation of necessary documentation, adhering to the correct legislative procedures.
Liaison with HMRC: Our team provided complete support throughout the claiming process, liaising with HMRC to secure the tax savings. We made sure that all information was conveyed accurately and promptly, facilitating a seamless transaction.
Final Outcome: Thanks to our systematic approach and profound knowledge of Capital Allowances, we identified £8.82m of unclaimed capital allowances. This resulted in significant tax savings for the healthcare provider, enhancing their financial standing.
The owner of the care home in Leeds was ecstatic with the results. Through HMA Tax’s precise and methodical approach, they were able to claim substantial unclaimed Capital Allowances, boosting their financial resources and enabling further growth and development within the healthcare sector.
By entrusting HMA Tax with this vital task, the care home provider gained not only considerable financial benefits but also the assurance of having engaged a team that understands the complexity of Capital Allowances in the context of healthcare properties.