Capital Allowances

Maximise your capital allowances and tax savings.

Complex legislation and difficulties interpreting the rules can mean that many businesses aren’t claiming all the tax relief they are entitled to.

What are Capital Allowances?

Capital allowances provide immediate tax relief on capital expenditure and can provide businesses with some substantial cash savings. This is a complex area, covering everything from computers to commercial property extensions. Many businesses miss out on claiming their full entitlement to capital allowances due to a lack of understanding over what may or may not be eligible for a claim.

Contrary to popular belief, there is no time limit for claiming capital allowances. Reviews of historic expenditure can therefore turn up some welcome additional tax savings. Capital allowances can be claimed by all types of businesses, including landlords in certain circumstances.

Capital allowance claim categories:

Annual investment allowance (AIA)
The AIA gives businesses a 100% tax deduction on qualifying expenditures
Writing Down Allowances (WDAs)
WDAs write off the expenditure on an asset over a period of time at a rate of 18% or 6%
First Year Allowances (FYAs)
FYAs can be claimed in addition to the AIA, providing 100% tax relief on a limited range of capital expenditure, including new zero-emission cars and goods vehicles

Super deduction
Brought in as a temporary measure until 31 March 2023, the super deduction gives an enhanced deduction of 130% on qualifying expenditures
50% first-year allowance
Brought in alongside the super deduction until 31 March 2023, the 50% first-year allowance provides a tax deduction of 50% on qualifying special rate pool expenditure

Correctly identifying and allocating expenditure across these categories is key to maximising capital allowance claims.

Whatever your situation, our team of tax advisers in Nottingham can help you ensure you make the most of your capital allowances and that you don’t pay too much tax. Contact us today for further advice or to discuss the next steps by calling us on 0115 955 5500 or email enquiries@pagekirk.co.uk.

Commercial Property

Page Kirk specialises in advising on making capital allowance claims for commercial properties and can help property owners or leaseholders identify qualifying expenditures on fixtures and fittings. This work can be carried out on existing buildings, where no claim has previously been made, as well as on construction projects and as part of the purchase or sale process, including advice on the drafting and agreement of S198 claims between buyers and sellers. We can also assist in making structures and building allowance (SBA) claims where capital allowances are unavailable.

Land Remediation Relief

Where businesses decontaminate land that they weren’t responsible for contaminating, a claim can be made to obtain tax relief on 150% of the expenditure incurred. Decontamination can include – but is not limited to – things such as the removal of asbestos or Japanese knotweed. This can be a useful investment strategy and allowance claim to help invest in maintaining and improving building assets, as well as reducing tax obligations.

Why choose Page Kirk for your capital allowance requirements?

With capital allowances changing on a frequent basis, it’s crucial to consult and obtain the support of a capital allowance specialist. Page Kirk has a team of specialists on hand to support your business in identifying the applicable allowances, as well as offering support for previous potentially missed allowances and strategic insight for future planning.

The administration required for capital allowances can be complicated and time-consuming, but Page Kirk can complete all the necessary work on your behalf. We can ensure that you are working in the most tax-efficient and compliant way possible to ensure you don’t over-pay HMRC and claim all of allowances you’re entitled to.

At Page Kirk, our chartered tax advisers are specialists in capital allowances and can provide you with all the advice you need, taking the hassle out of your tax obligations, so that you can focus on the things which matter most. We offer:

A dedicated tax department with a wealth of experience and expertise
Tax consultants who are Chartered Tax Advisers, ensuring sound and up to date advice
A single point of contact so you aren’t being passed from pillar to post

Reliable, professional, tailored and personal service
Digital expertise to deliver efficiencies through advanced technology solutions
Nottingham-based tax advisers with national and international reach

With Page Kirk, not only will you be compliant with laws and regulations, but you will also be assured that our team will recognise areas for improvement, such as structuring your finances in the most efficient way and making sure you take advantage of tax reliefs and allowances available to you.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on 0115 955 5500 or email enquiries@pagekirk.co.uk.

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From ensuring that you comply with your statutory requirements, to navigating the scaling-up of your business, through to effective profit extraction and dealing with your tax affairs, Page Kirk Nottingham accountants are here for you every step of the way.

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