Andy Milnes and Karmen Freimuth, attended the event to share their tips to a successful Embedded Capital Allowance claim and explains why ECAs are an essential part of tax planning that is often overlooked by care home owners and operators.
Tax refunds and relief for Care Home owners
Our service helps carehome owners identify unclaimed capital allowances and receive tax refunds. Our reports are guaranteed to be fully HMRC compliant to get you the maximum tax refund.
Carehome owners are often unaware that their property is holding thousands of pounds of unclaimed tax relief in the form of Embedded Capital Allowances. These are allowances on items such as bathroom facilities, commercial kitchens, fire alarms, lifts and fire doors – essentially everything that would remain in your property if you tipped it upside down.
Typically we would expect to find around 35% of the original purchase value of the property in previously unidentified Capital Allowances. £350K of allowances in a £1M property which translates as £225K in tax refund and/or reduction in future tax liability to a higher rate tax payer. So it’s an exercise well worth doing.
If you own a commercial property and are a UK tax resident, then you are eligible to make a claim. We specialise in Capital Allowances Tax Relief and our expert in-house team work exclusively in this niche area of taxation. On average it takes only 6 weeks from our initial meeting to you receiving your relief from HMRC.
Claiming Embedded Capital Allowances is a risk-free exercise well worth considering when you own commercial property. You can estimate your total claim using our claims estimation tool or book a consultation with one of our claims specialists who can prepare an estimation on your behalf.
To find out more, check out some of our latest insights here.
Why HMA Tax?
This month, HMA Tax was been acknowledged as an authorised supplier and partner of the National Care Association. This recognition is a testament to our service across the care sector and the benefit we can generate for owners and operators.
Another Care home has taken positive steps towards claiming significant tax relief.
WHAT IS CLAIMABLE WITHIN A CARE HOME?
Whilst Embedded Capital Allowances are heavily ingrained within Care Homes, some plant and machinery items generate significant allowances when identified, valued, and claimed correctly. These include:
FREQUENTLY ASKED QUESTIONS
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 don’t make any change to your Capital Gains position.
No, we submit all our claims to HMRC for approval and the refund comes from them. Our reports are very detailed and ensure HMRC have all the information they need when processing your claim.
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.
Purchased for £750K
£295,500
Allowances Identified
Purchased for £656K
£263,000
Allowances Identified
Purchased for £4m
£1,367,000
Allowances Identified