Companies owning commercial property could be missing out on thousands of pounds of cash, by not correctly claiming their capital allowances entitlement.
It is not a small number of UK companies missing out either. Global accountancy firm Deloitte has said that more than 90% could be in line for a rebate from HMRC. With such claims not limited by time factors or the age of a property, this could account to billions of pounds across all industries.
What is even more surprising is that most companies do already claim their on their capital allowances, understanding that fixtures and fittings can be claimed for. However, there are many other costs which can be claimed back.
Even some of the more experienced accountants can easily overlook putting claims in for these costs.
For example, when laying new industrial concrete flooring, whether in a new development, renovation project or in an extension, most companies will claim. What is little known, is that much of the associated spending can also be subject to a valid claim.
Labour costs are can be claimed. Transportation and logistics costs associated with materials can be claimed. Even the fees associated to the hire of machinery used for the installation can be claimed.
Keeping detailed receipts of work undertaken will, as always, make processing claims a good deal easier of course. This does not mean all is lost for those not claiming in previous years though.
Thorough retrospective audits could isolate areas that have not been claimed against and prove incredibly cost effective.
Last week saw EDF win clearance to build a £50 million temporary jetty, which it will use to land materials for the construction of a new nuclea...
Read MoreEvery year in Britain, floods cause damage to houses. One solution to this issue could be to construct floating houses in flood-prone areas. To d...
Read More