Capital Allowances Tax Relief

• Did you pay income tax in 2008/09?

• Do you have a tax bill to pay for this tax year?

• Do you own HMO or multi-let properties?

If you answered yes to ANY of these questions, you may be able to take advantage of Capital Allowances Tax relief, to mitigate your previous, current and future year’s tax liability, and recover previously paid tax as well!

Updated HMRC guidance means that whether you are an armchair property investor, entrepreneur, or own even 1 HMO property, you could mitigate your current liability, and also get a refund from HMRC for previously paid tax!

We work WITH your accountants, and apply our Accountancy and Quantity Surveying expertise, to maximise your tax relief!

Capital Allowances – what are they?

Plant & Machinery Capital Allowances, relate to the tax relief associated with certain qualifying items within the communal areas of HMO and multi-let properties.

Each year, you can deduct a proportion of your capital outlay (purchase cost) associated with these communal area P&M assets from your taxable income, therefore reducing your tax bill.

Once these items have been identified, valued and documented, you can reclaim previously paid Income tax, reduce your current year income tax liability, or roll forward the allowances until such time when they are required.

Unlike normal rental losses which can only be rolled forward until such time that the property makes a profit, Capital Allowance sclaimed on the property, are ‘set-off’ against any income stream!

More information?
Click here to request a personal Illustration