Embedded Capital Allowances can be claimed by various UK commercial property owners, and veterinary surgery owners are no exception. It may come as a surprise to some that vets could claim a great deal of tax refunds on their property simply due to the size of the property and the items inherent within the building.
The particular items that would qualify for a claim within a surgery are essential items without which the adequate treatment of animals would not be able to take place. Therefore, it is important for vets to claim the tax refunds they deserve on these important items, and further realise that these allowances are a right, not a privilege. The kind of items that would qualify may surprise some, and would include plumbing, electrical equipment, air conditioning, surgical equipment and more. These items are considered part of the building, and are often costly to run, which is why tax refunds can be claimed on them. If the veterinarian has been overpaying a great deal of tax, then it is crucial for them to claim back the money they deserve.
Aside from the tax refunds, there are further benefits to making a claim on a surgery. If a successful claim is identified, then this could positively impact upon the value of the property, which will benefit the surgery owner if and when they come to selling their property.
The process of making a claim is an easy and stress free one, with minimum input from the property owner and maximum output from us, the capital allowance specialists. On average, we find over £100,000 worth of allowances on every property, and we have a 100% success rate with having claims accepted by HMRC. This is a truly risk free exercise that could bring fantastic benefits to the individual veterinary surgery owner and their business.