If you own your commercial premises or have incurred investment on a leased property in recent years, then PEFFs is a term you may grow to know and love.
Capital Allowances allow commercial property owners to claim qualifying items of capital expenditure as a tax deduction and are a valuable tax relief.
However, whilst Accountants regularly and comprehensively claim Capital Allowances on moveable items, furniture etc, based on invoices provided by their clients, the capital allowable items embedded within the property are often overlooked, resulting in claims typically less than 50% of entitlement.
Invoices are generally unavailable for these items and, until the accountant, owner or leaseholder instigates the process of identification i.e. a ROOM BY ROOM survey with appropriate costing of these qualifying items, they will remain unclaimed and a potential substantial benefit to the client will remain hidden.
Who can claim the benefit?
The tax benefit is available to the party that incurred the relevant expenditure or purchased the property i.e. an individual, a Company, partnership etc.
How is the benefit claimed?
The claim is used to generate a tax refund where possible and is used as a tax credit to reduce future tax liabilities.
HOW CAN MSC R&D HELP?
Recognising the specialist nature of this area of taxation, MSC R&D has developed a full service capability to offer our clients.
We have been proving this service for over 15 years, successfully handling 000’s of claims ranging between £60,000 and several million.
The MSC R&D methodology affords the client:
- Our intimate knowledge of Capital Allowances legislation
- Our stringent investigation of the previous handling of Capital Allowances
- Our professional surveying and costing of property
- Individual advice pertaining to each case
- Liaising with professional Advisors and HMRC
- Comprehensive aftercare during the time when HMRC may revisit a claim.
If you can answer YES to one or more of the following questions and are currently profitable and paying Corporation Tax:
- Do you own, or intend to since year end, a commercial property?
- Has there been significant expenditure on your existing commercial premises in recent years?
- If you lease premises, has there been significant expenditure on it in recent years?
Then contact us on 0114 230 8401.