Retail Strip in Manchester
A bustling retail strip was purchased in Manchester for £1.9M in 2018. Our expert team conducted a meticulous property survey, unearthing £380,000 in unclaimed Capital Allowances.
Capital Allowance claim for a thriving retail strip in Manchester
In 2020, a retail property investor came to HMA Tax with a retail strip located in the heart of Manchester. They had acquired the site for £1.9M in 2018, and since then, they had invested in renovations to attract a diverse range of tenants.
The owner had been advised by their accountant that they had claimed all possible costs, but lingering uncertainty about unclaimed Capital Allowances prompted them to seek our specialist services.
Our Approach
HMA Tax embraced the challenge of identifying any overlooked Capital Allowances for the retail strip owner. Our proficient team conducted an in-depth review of the renovation costs and determined that a substantial amount of available capital allowances had gone unclaimed.
Utilizing our extensive expertise in Capital Allowances, we identified £380,000 of unclaimed capital allowances, which were available to the owner. We generated a comprehensive report outlining our findings, including an inventory of assets that qualified for capital allowances and the amounts that could be claimed.
After pinpointing the unclaimed capital allowances, we coordinated closely with the owner’s accountants to maximize the tax savings. Our team provided support throughout the process, from compiling the required documentation to collaborating with HMRC to guarantee the tax savings.
Thanks to HMA Tax’s proficiency, the retail strip owner was able to claim £380,000 in overlooked capital allowances, leading to a tax saving of approximately £76,000.
This success story reinforces HMA Tax’s commitment to delivering personalized solutions that empower commercial property owners across the UK to fully capitalize on their investments, ensuring significant tax savings.