Own a Veterinary practice?
One thing that many people find so impressive about Veterinarians is their ability to know so much about such a wide range of animal anatomies.
Having this knowledge spread across so many different types of animals is highly impressive. Of course even in their world many veterinarians chose to specialise down even further as they recognise that to treat certain aspects of animal ill health requires a highly specialised knowledge and of course specific resources to enable diagnosis and then treatment.
The same can be said when looking at matters related to taxation. There are such a wide range of considerations that need to be made, and it’s especially true when considering Veterinary practice tax relief.
Research has shown us that a significant number of Veterinarians own the building they practice from, that could be owned by an individual, a partnership or in some cases as a limited company but whatever the structure the majority might be unaware of something called Embedded Capital Allowances.
You can claim significant tax relief
Owners of veterinary practices are often unaware that their building is holding thousands of pounds of unclaimed tax relief in the form of Embedded Capital Allowances. These are allowances on items such as fire alarm systems, security shutters, lighting, toilet facilities – essentially everything that would remain in your property if you tipped it upside down.
If you own a commercial property and are a UK tax resident, then you could receive Veterinary practice tax relief and be eligible to make a claim. We specialise in Capital Allowances Tax Relief and our expert in-house team work exclusively in this niche area of taxation. On average it takes only 6 weeks from our initial meeting to you receiving your relief from HMRC.
Typically we would expect to find around 23% of the original purchase value of the property in previously unidentified Capital Allowances. £126K of allowances in a £550K property which translates as £50K in tax refund and/or reduction in future tax liability to a higher rate tax payer. So it’s an exercise well worth doing.
Get in touch today
At HMA Tax, we are the UKs leading experts on embedded Capital Allowances for commercial property owners. Claiming Embedded Capital Allowances is a risk-free exercise well worth considering when you own commercial property. You can estimate your total claim using our claims estimation tool or book a consultation with one of our claims specialists who can prepare an estimation on your behalf.