
FAQs
Our head office is in the Midlands and we have consultants in all major cities in England, Scotland, Wales, and Northern Ireland. We cover the whole of the UK.
The Capital Allowances system allows a business to write off the cost of certain capital assets against taxable income. This is well known and allowances for machinery, plant and business equipment are well known and commonly claimed. The majority of business owners are not aware that there may be allowances “embedded” within the fabric of their building that could give rise to a benefit totalling on average 32% of the value of the property. Capital Allowances provide tax relief for the depreciation of capital assets, including the majority of fixtures and fitting in a property which make it suitable for commercial use. They are intended to incentivize business owners to improve their commercial properties.
The basis of modern capital allowance legislation can be traced back to the “wear and tear” allowance on plant and machinery introduced in 1878. A more specific “mills and factories” allowance was available for those types of businesses. This system was replaced in 1945 with a “annual writing down allowance’ at a rate fixed by the Revenue. In 1954, to encourage investment in commercial buildings and industrial assets a further investment allowance was introduced. Further changes to the system were made in 1971 and 1984 to simplify the process or recording and claiming. A widespread rationalisation and consolidation in occurred in 1990 and the currency legislation, the Capital Allowance Act, was introduced in 2001. A Capital Allowance reclaim does not make use of a loophole. It is there to incentivise business owners like you to developer and improve their commercial properties.
You may be entitled to a refund on Income Tax or Corporation Tax paid in the last 1 or 2 financial year and reduce your tax burden in the current and subsequent financial years. If you do not claim the money is simply lost over time. More of your profit will go to the government than it needs to in the form of overpaid Income Tax or Corporation Tax.
As an example, a property in the hospitality sector, on average, has capital allowances of 32% of its value built up within it over time. For a £250,000 property that is circa £67,000 of allowances UNUSED that have built up over time. If you own your property in your own name that could be a £14,000 refund waiting for you.
We have a simple, fixed and fair pricing policy; our fee is a small 5% of the Allowances we successfully identify for you. We’ll tell you more about this before we start your claim.
Just contact us however you feel most comfortable and we will be in touch to get the ball rolling.
It is ALWAYS worth checking with a specialist company, like ourselves, whether there are claims that you have missed. We only charge on success so you have nothing to lose and a lot potentially to gain.
You may not have paid Income Tax or Corporation Tax in the last year or 2 BUT you may be able to reduce your tax burden in the next few years. We only charge on success so you have nothing to lose and a lot to potentially gain.
The process usually takes between 8 to 12 weeks from start to finish.
The Property Tax Refund Centre Brand has offered Embedded Capital Allowance Claims Management services since 2020. As a matter of course we operate a strategy to protect the future of the brand and this means that, from time to time, the corporate vehicle through which the brand is operated changes.
No, Property Tax Refund Centre Limited act as introducers for accountancy firms who will put together your claim on your behalf.