The Process of Claiming

Valuation

We need to attend your property to undertake a survey of the communal areas, which only takes an hour or so. We need to do this, in order to identify, log and value the Plant & Machinery assets within.

This, along with some further basic information we require, and a due diligence undertaking, is then processed through our system, and generates a claim report.

The report generated, is of a format commonly accepted by HMRC, and highlights the applied legislation, confirmation of ownership, and scope of the report. The assets identified, are catagorised and valued.

Claiming

If property is your sole source of income, then the last 5 years are available to be amended.

Your accountant can submit an adjustment for you for these years, claiming a refund of overpaid tax, due to not claiming Capital Allowances. We recommend that the claim report provided is submitted with the correspondence to HMRC.

If you pay tax through PAYE, and complete a UK property section in your tax return, then there is a time restriction to 22 months. This means that up to the last 2 years of income tax may be claimed against.

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