Mixed-Use Building in Leeds

A mixed-use building was purchased for £3.2m in Leeds in 2021. Our team conducted a review of the property, uncovering £832,000 in unclaimed Capital Allowances.

Capital Allowance claim for a substantial mixed-use building in Leeds

The Property

In 2022, a property investor came to HMA Tax with a mixed-use building located in Leeds. The investor had bought the site for £3.2m in 2021, which included both retail and residential units. The property required updates to meet modern safety and efficiency standards.

Though the investor’s accountant had managed the costs and claimed some allowances, the investor wanted to ensure that all available Capital Allowances had been accurately claimed. That’s when they approached our expert team at HMA Tax.

Our Approach

HMA Tax rose to the challenge of finding any unclaimed Capital Allowances for the mixed-use building’s owner. Our team performed a meticulous review of the costs incurred for updates and renovations and identified that a considerable amount of the available capital allowances had not been claimed.

Using our comprehensive understanding of Capital Allowances, we pinpointed £832,000 of unclaimed capital allowances that were available to the owner. We compiled a detailed report detailing our discoveries, which included an inventory of assets that qualified for capital allowances and the amounts that could be claimed.

After recognizing the unclaimed capital allowances, we worked closely with the owner’s accountants to ensure that the tax savings were maximized. Our team provided support throughout the entire process, from drafting the necessary documents to liaising with HMRC to secure the tax reductions.

Thanks to HMA Tax’s expertise, the owner of the mixed-use building was able to claim £832,000 in unclaimed capital allowances, resulting in a tax saving of over £166,000.

This case once again highlights HMA Tax’s commitment to delivering personalized solutions, enabling commercial property owners across the UK to maximize their investments and achieve significant tax savings.