The UK tax regime for business expenditure on plant, equipment and machinery now offers a bewildering array of alternative possible claims and different ways of treating specialist types of expenditure.
Allocating costs to the right heading and apportioning buildings expenditure can, in particular, make a huge difference to business tax liabilities, especially when major are being carried out.
Lamont Pridmore can advise on:
- Plant and machinery definitions and claims
- Energy-efficient allowances and “green” tax reliefs
- “Short life” and “long life “asset claims and planning opportunities
- Research and development allowances and available tax credits to gain refunds from HM Revenue & Customs
- Specialist claims for fixtures, fittings and plants built into your premises
- Advice on Annual Investment Allowances and special treatments of certain items
- Claiming “integral features” allowance on lighting, wiring, water technology and other systems
- Identifying the most tax-efficient allocations and apportionments on building sales and purchases
- Claiming under claimed allowances on previous building projects and purchases
- Claiming specialist allowances, such as patents and know how, intellectual property and computer software allowances
- Identifying planning opportunities with vehicles, specialist plant and equipment transactions
- Optimising Capital Allowances claims on new builds and property improvements, including allocations in the most tax-efficient manner to fixtures, fittings, furniture, specialist lighting and other “functional” items
Many businesses regularly do not claim their full entitlement to Capital Allowances, simply because they do not know what is eligible or their records are not adequate to provide comprehensive disclosure of the expenditures incurred.
Lamont Pridmore specialises in this area and can usually increase your claim for this relief by as much as 50 percent.
if you would like to find out more about how we can help you, please contact us.
