Qualifying commercial property can include, for example, shops, offices, hotels, restaurants, care homes, public houses, factories, industrial units or warehouses. Capital Allowances can be claimed when buying or developing existing freehold properties, constructing new properties or developing leasehold properties. Only commercial property which is purchased or leased by an individual or business will qualify. Property held in a pension fund or owned by a charity will not.
The plant and machinery included in commercial property can include fixtures and fitting as well as moveable items like furniture. More integral fixtures can include carpets, air conditioning, sanitary ware, kitchens, heating, emergency lighting, wiring to fixed plant, fire equipment, security systems and telecommunications. The list is lengthy and unfortunately there is no definition of what constitutes Plant & Machinery. However, there is a functional test – the asset must be used in the qualifying activity.
We use Specialist Plant & Machinery Surveyors to identify, log and value the qualifying plant and machinery assets within your property. The advantages of using fully qualified surveyors are that you will also get a Building Surveyor’s Report, a reconstruction valuation and an independent land valuation.
Once we have the details from the survey, we then have to confirm that a valid claim can be made by making checks with Land Registry and previous owners. Once we have this confirmation your claim is then processed through our system and an HMRC compliant claim report is generated. This report highlights the applied legislation, confirmation of ownership, and scope of the report. Your accountant can then include the identified Capital Allowances in your tax return. If you don’t have an accountant and file your own tax returns, we can guide you through the process of completing the UK property section of the tax return.
Contact us for further information or for a no obligation illustration on 0845 467 2765 or email us at firstname.lastname@example.org.