Action Business Club

Thinking of your business!

Next meeting:
Jul
12

We meet every Thursday at 07:00
Click here to find out how to attend

Dave Horsley

Six Forward Ltd

Saving tax on commercial property expenditure

Why you may be paying too much tax?

If you pay UK tax and own a commercial property that is not wholly held in a SIPP then it is highly likely that you are paying too much tax. This is not a ‘scheme’ or avoidance ploy but thanks to a little used law called the Capital Allowances Act. In essence, whenever you spend money buying or improving a commercial property you are allowed by HMRC to offset part of the expenditure against your income or corporation tax liability.

A dentist saved £25,000

  • A shop owner saved £38,000
  • The owner of an office saved £30,000
  • A hotelier saved £32,000
  • A care home owner saved £19,000
  • A vet saved £40,000

Why have I not heard of it before?

Routinely accountants will claim allowances for ‘movable’ fixtures and fittings but they do not have the specialist skill to identify such allowances for the ‘immovable’ fabric of the building - for this you need a specialist surveying company.