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With unmatched industry expertise and an in-house compliance team with former HMRC inspectors, we are the trusted partner of choice for clients across a wide range of industries. We ensure that your capital allowance claim is fully compliant to ensure maximum tax relief, empowering your business to invest further in capital assets.
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Capital allowances are a form of tax relief that businesses can claim on capital expenditure (including machinery, equipment, cars etc.). Instead of deducting the full cost of an asset from profits in the year it’s bought, businesses can spread the cost over time, reducing their tax liability.
These allowances are not applied automatically, and they must be claimed in the business’s tax return. So choosing the right capital allowance advisor is important when making the most out of a claim
Capital allowances can be claimed on capital expenditure for plant and machinery, such as equipment and machinery. It can also include costs associated with commercial property such as developments, acquisitions, fit-outs, and refurbishments.
Capital allowances can be claimed by a range of UK taxpayers, including those who are self-employed, operating as a partnership, landlords and tenants: anyone or any company who has invested in a commercial property.
They can also be claimed for a variety of different commercial property types, as long as the building is being used for qualifying trade.
The super deduction scheme was replaced by full expensing from April 2023 onwards. Full expensing allows businesses to deduct 100% of the cost of qualifying capital expenditure within the same year, further incentivising investments in capital assets. In the Autumn Statement of 2023, the government announced that full expensing would be made permanent, which is great news for businesses looking to invest in capital assets going forward.
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There are three main types of assets, each has a different rate of relief. At RCK Partners, we identify the correct rate of relief for your assets.
A scoping call takes place between the client and a consultant, to discuss the project opportunity.
To confirm the businesses entitlement to claim capital allowances. This is determined by reviewing the relevant legal documentation, including land agreements and construction schedules to confirm that the entity incurring the expenditure satisfies the entitlement criteria for capital allowances purposes.
Review relevant specifications, cost information and floor plans and liaise with relevant consultants and design team members to clarify contract and variation costs, construction details and obtain further cost information. Also providing advice on tax efficiency of design.
Carry out a detailed analysis of all information gathered to categorise individual items according to the most favourable tax treatment where we are satisfied that there is a filing position for that treatment.
Undertake a detailed capital allowances survey of each project as the works progress, including taking written and photographic records that will assist us with any negotiations with HMRC for the tax treatment adopted for particular items.
Compile and issue full and detailed capital allowances reports including detailed back up for substantiation of the plant and machinery, and which reconciles to the total additions in the statutory accounts. Provisional claims to be submitted if so required.
*This process is flexible and can be adapted based on a client's preferences as to their involvement within the process.
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For development projects
For acqusitions
The capital allowances available to your business depend on the type of property, the assets within it, and how the expenditure was incurred. Qualifying costs can include plant and machinery, integral features like heating or insulation, and certain building elements including fit-outs and construction-related costs. Each also has a different rate of relief.
At RCK Partners, we assess your project in detail to identify all the eligible assets and ensure you receive your full entitlement: get a free eligibility check from our capital allowance specialists.
Super deduction ended in April 2023. It allowed businesses to deduct 130% of the costs of certain assets from their profits in their first year, rather than the standard 100%. Any business that has incurred expenditure between April 2021 and March 2023 should seek the expertise of a capital allowance specialist.
Our USP is our breadth and depth of expertise. Our consultants have both deep tax expertise and hands-on property experience, which means they have a practical understanding of the assets in your project, whether that’s healthcare property, office buildings or factories.
The cost of preparing a capital allowances claim depends on the size and complexity of your project. At RCK Partners, we offer a free, no-obligation assessment to scope and identify the potential value of your claim and provide clear, transparent pricing. Our focus is on delivering optimal tax savings that ensures a strong return on investment. Speak to one of our advisors today to get an understanding of the potential costs and your claim.
We would be happy to help you, please get in touch with any queries by using our contact form. We’ll get back to you within 24 hours.
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