Theatre and Arts Facility in Birmingham
A theatre and arts facility was purchased for £1.5m in 2020. Our team conducted a comprehensive review of the property and discovered £300,000 in unclaimed Capital Allowances.
Capital Allowance claim for a Theatre and Arts Facility in Birmingham
In 2020, the owner of a dynamic theatre and arts facility in Birmingham engaged HMA Tax to explore the untapped potential within their property. Purchased for £1.5 million, the facility played a vital role in fostering artistic endeavours and community engagement.
The artistic nature of the facility required a nuanced understanding of allowances on creative installations and specialised equipment, contributing significantly to the overall claim.
Recognising the unique assets inherent to artistic spaces, our proficient tax advisors conducted a detailed review of the property’s capital expenditures.
The analysis revealed £300,000 in unclaimed allowances, precisely 20% of the purchase price, covering essential theatrical equipment, creative installations, and other qualifying assets. Collaborating with the facility’s accountants, we ensured a seamless integration of these allowances into their financial strategy.
Thanks to HMA Tax’s expertise, the theatre and arts facility owner successfully claimed £300,000 in unclaimed Capital Allowances. This amounted to a substantial tax saving of £60,000, providing essential financial support for ongoing artistic endeavours and community outreach programs.