News
Can you benefit from capital allowances on your business premises?
11 June 2017
If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building.
The ‘intrinsic fabrication’ of a building includes items such as lighting, heating, plumbing, electrics and fire safety systems. It essentially covers the items that are necessary for the business to be able to function.
Capital allowances mean that the cost associated with this ‘intrinsic fabrication’ can be offset against Corporation Tax.
However, since 2014, any capital allowances must be used before the premises are sold. Otherwise, the new owners will not be able to claim capital allowances.
This means that it is critical to ensure that you are claiming the full extent of capital allowances that you are able to. It is also means that capital allowances are something you should ask about if you are in the process of buying new business premises.
This is a relief that could save you tens of thousands of pounds a year, but only if you actively claim it.
Link: Capital allowances and R&D – don’t ignore these business tax reliefs
Case Studies
-
Sometimes a business does exactly as it says on the tin
-
Taxing demands with old school charm
-
Customer care is top of the list for packaging business
-
A shared passion for architecture and a head for numbers
-
A modern approach required for music moguls
-
Smiles all round for dental practice
-
Child's play with proactive accounts management
-
Cut above the rest in personal management style
-
A taste for growth, a thirst for knowledge