Pub in Manchester

A local pub was purchased for Β£450,000 in 2021. Our team at HMA Tax thoroughly assessed the property and discovered Β£144,000 in unclaimed Capital Allowances.

Capital Allowance claim for a large office building in Birmingham

The Property

In 2023, an commercial property investor approached HMA Tax with a office complex. The owner had bought an site for Β£12m, which required extensive renovations to modernise the facilities.

The renovations had been completed over a period of two years, and the owner had been advised by their accountant that they had claimed the costs. However, the owner was unsure if all the Capital Allowances available had been claimed.

Our Approach

Recognising the potential for Capital Allowance claims, especially within the framework of S198 considerations, Full Expensing, and fit-outs & refurbishments, HMA Tax set out to thoroughly review the property’s expenditures.

The focus was placed on understanding the unique requirements of the S198 Capital Allowances Act 2001. By accurately completing S198/199 considerations, our team ensured that the client was aware of the tax implications of purchasing the property and maximised the benefits of the Capital Allowances.

Furthermore, we analysed the fit-out and refurbishment costs, identifying opportunities for claiming Capital Allowances. We took into consideration the new Full Expensing scheme, which allowed for a 100% first-year allowance on qualifying investments.

The detailed analysis led to the discovery of Β£144,000 in unclaimed Capital Allowances. We provided a comprehensive report highlighting our findings and ensured the seamless filing of the necessary documentation.

Thanks to HMA Tax’s deep understanding of S198 considerations, Full Expensing, and the intricacies of fit-out and refurbishment expenditures, the pub owner was able to claim Β£144,000 in unclaimed capital allowances. This resulted in substantial tax savings and enabled the owner to invest further in their business.