1 / 17

Means of providing tax depreciation HMRC approved Non regulated product

What are Capital Allowances?. Means of providing tax depreciation HMRC approved Non regulated product. andy@recoupcapitalallowances.co.uk. Presented By Andy Nicol. Commercial Property Sectors. Factories/Industrial Units Office complexes Leisure Facilities Retail stores/showrooms

cody
Download Presentation

Means of providing tax depreciation HMRC approved Non regulated product

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What are Capital Allowances? • Means of providing tax depreciation • HMRC approved • Non regulated product andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  2. Commercial Property Sectors • Factories/Industrial Units • Office complexes • Leisure Facilities • Retail stores/showrooms • Filling Stations/garages • Nursing/residential homes • Workshops • Cold storage facilities • Depots/Warehouses • Staff welfare facilities • Haulage Yards • Transport Facilities • Hotels • Student accommodation andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  3. Commercial Property Eligibility 95% of commercial properties are still eligible andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  4. Commercial Property Eligibility • Own, use or lease a commercial property • Have (or will have) profits • UK tax payer • minimum value £150k andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  5. Commercial Property Capital Allowance Valuation • Purchase Price • Expenses on intrinsic fabrications • Sockets • Toilets • Fire alarms • Air conditioning • Double glazing • Furniture • Gas, water, electricity andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  6. Commercial Property Typical Claim Commercial Offices • Purchase price £5m • Capital Allowance £1.25m • Tax relief £262,500 (21% tax payer) andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  7. Commercial Property Typical Claim Bed and Breakfast • Purchase price £400,000 • Capital Allowance £140,000 • Tax Relief £56,000 (40% tax payer) andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  8. Commercial Property Fees (all payable on completion) Percentage Fee • 5% of capital allowance figure • 7% for private individual Survey Fee • < £500k £750 • £500k - £2m £995 • £2m - £5m £1,500 • £5m + £2,500 andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  9. Commercial Property Fees • No Win No Fee • At least £50,000 capital allowance identified • Nothing to pay upfront andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  10. Furnished Holiday Lets Eligibility • Furnished • EU • Available for at least 140 days per year • Commercially let for at least 70 days per year • Not the same person for more than 31 days per year • Minimum value £300k andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  11. Furnished Holiday Lets Typical Claim • Purchase Price £350,000 • Capital Allowance £70,000 • Tax Relief £28,000 (40% tax payer) andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  12. Furnished Holiday Lets Fees Percentage Fee • 5% of capital allowance figure • 7% if private individual Survey Fee • UK £595 (inc VAT) • EU £995 (inc VAT) andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  13. Furnished Holiday Lets Fees • No Win No Fee • At least £50,000 capital allowance identified • Survey fee paid upfront (reimbursed if < £25k) andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  14. The Process • Instruction • Involvement of accountant and conveyancing lawyer • Capital allowance experts, surveyors, report writers • HMRC matrices andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  15. The Process • 10 weeks • Clients accountants signs off report • Cheque for previous year’s allocation • Offset against future years tax liabilities andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

  16. FAQs • Working with accountants • Will it affect my capital gains tax? • I bought my property 10 years ago, is that a problem? andy@recoupcapitalallowances.co.uk Presented By Andy Nicol

More Related