Capital Allowances

Many UK businesses pay more tax than required because they underclaim Capital Allowances on property expenditure.

Sometimes, identifying qualifying expenditure on property costs is straightforward, however, it can often be very difficult and where it is less than straight-forward; businesses tend to underclaim tax relief which results in them over-paying tax. Sherlock & Co employ a specialist Chartered Surveyor who, on behalf of our clients, deal with all aspects of property tax, ensuring that the maximum amount of Capital Allowances are claimed so that tax is kept to a minimum.

Similar identification issues arise with expenditure on certain categories of other expenditure qualifying for enhanced reliefs, for example, Land Remediation Relief, Green Plant and Enterprise Zones etc. Sherlock & Co can help here too.

Capital allowances are available to those who incur capital expenditure on extensions, refurbishments, new builds or even second property acquisitions. Whilst the government and HMRC are forever closing perceived tax loopholes and putting pressure on businesses to pay the 'right amount of tax', businesses will fall behind if they fail to take full advantage of tax incentives, such as capital allowances, which HMRC fully encourage. 

Property Tax

Property issues affect most businesses, whether the business rents property or owns its own building; or it may have a more direct involvement in the sector. Therefore, it is important to get the right property tax advice at the right time, both to ensure compliance with the rules and to minimise the overall tax liability.

Sherlock & Co can advise on all aspects of tax relating to properties, ensuring that every business and investor makes the most out of the opportunities available. Sherlock & Co act for buy–to-let landlords, resident and non-resident investors and building developers; we assist them with:

  • Reducing or eliminating VAT costs by Opting to Tax;
  • Registering international businesses and individuals who own and rent out property in the UK under the Non-resident Landlord Scheme;
  • Preparing financial accounts for landlords with small or large portfolios; 
  • Structuring portfolios using Limited Companies and/or Self-Invested Pension Plans (SIPP);
  • Capital allowance advice including Business Premises Renovation Allowance; and 
  • Stamp Duty Land Tax advice.

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To find out how we can help please call us or complete an enquiry form.

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