‘Make sure you put in claim for your property allowance’

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A WEALTH management consultancy based in Berkhamsted has launched a service to ensure commercial property owners claim capital allowances they are entitled to.

Marc Ainscough, chief executive of nable, in Dower Mews, off High Street, says according to figures published by the taxman 96 per cent of property owners have not yet claimed the full allowance.

Mr Ainscough said: “This is particularly suitable to any UK taxpayer that has acquired in the past a commercial property or holiday let for at least £250,000.

“The service is backed by a guarantee that if at least £50,000 worth of unclaimed allowances cannot be identified by our experts there will be no charge for the forensic survey and analysis undertaken.”

Mr Ainscough added: “In the current challenging environment, it makes sense for business owners to understand and claim their entitlement. After all, reliefs exist as part of HMRCs policies to help stimulate the economy and ease the tax burden on enterprise.”

However, the capital allowance rules are complicated and Mr Ainscough makes the case for engaging specialists to fight for rights.

And he adds there is a need for urgency. “This matter has become more pressing as HMRC has announced a review of the relief with a view to reducing allowable allowances due in no small part to the prevailing economic environment. Tighter rules have already been enacted for furnished holiday lets though significant savings can also be indentified. We encourage all commercial property owners to review their affairs without delay.”

nable provides a specialised report and a completed claim for a clients’ accountants to use against operating costs.

Mr Ainscough added: “The most common items overlooked that make up the intrinsic fabrication of a commercial building include heating and cooling systems, emergency lighting, security systems, sanitary ware, etc. Typically, these costs are not segregated from the building cost and are coded to freehold additions with no allowances claimed.”