Posts in Category: Tax

Capital Allowances - Have you heard the news? 

Monday, October 08, 2012 11:22:00 AM Categories: Tax

According to our research, more and more commercial property owners have become aware of the tax advantages of making a capital allowances claim. However there are still tens of thousands who have not made a claim because they have never been made aware that they can.

We have looked at Capital Allowaces before but to refresh your memories, they are a form of tax relief available to anyone incurring capital expenditure buying, building or making adjustments to commercial property. While accountants will claim on more obvious items such as shutters and curtains, fire extinguishers and carpets, generally they will not drill down to the items where the far more significant costs to a business lie. These might include air conditioning or heating systems, lighting and security systems, plant and machinery items.

Our partner in this area can provide a free consultation to check if you could benefit. We have already used this for our own property and have received back a rebate so we know it works!

For more information you ca look at the following article http://www.ifalife.com/articles.asp?AID=1318 or give us a call!

Taxing the wealthy 

Tuesday, September 11, 2012 4:39:00 PM Categories: Tax

An extra £500m has been squeezed out of the UK's 5,000 wealthiest taxpayers, according to HM Revenue & Customs (HMRC). Its special unit, set up to deal with the tax affairs of the very rich three and a half years ago, has exceeded its targets, HMRC said. It had hoped to raise an extra £300m in that time, but has raised £200m more.

The head of the High Net Worth Unit said some of those taxed had clearly been trying to dodge tax. "The tax affairs of the richest people in the country are, by their nature, complex, and that's why we have focused resources on getting their tax right," said the unit's head, Martin Randall. "The majority of the wealthiest taxpayers play by the rules, paying the right tax at the right time, but we take action against the minority who don't."

If you would like to discuss your own tax situation please get in touch.

Nick Clegg - The new Robin Hood? 

Wednesday, August 29, 2012 11:43:00 AM Categories: Economy Tax

Nick Clegg has suggested the UK's wealthiest people could be asked to pay more tax for a limited period. The deputy prime minister said that "to remain cohesive and prosperous as a society" those of "very considerable" wealth should contribute more.

Mr Clegg called for a "time-limited contribution" from the richest in society beyond his party's current policy for a "mansion tax" - taxes on properties above a certain value. "In addition to our standing policy on things like the mansion tax, is there a time-limited contribution you can ask in some way or another from people of considerable wealth so they feel they are making a contribution to the national effort?" he said.

If you have any concerns about this or would like to discuss your situation with your adviser please get in touch.

Commercial property? Fancy a tax rebate? 

Monday, July 02, 2012 12:20:00 PM Categories: Tax

Independent surveys (and cases that we secure every day) tell us that over 90% of commercial property owners are sat on a considerable tax saving (and cheque back) via HMRC legislation surrounding unclaimed capital allowances held within their buildings.

So what are capital allowances? They’re a form of tax relief available to anyone incurring capital expenditure buying, building or making adjustments to commercial property. While accountants will claim on more obvious items such as shutters and curtains, fire extinguishers and carpets, generally they will not drill down to the items where the far more significant costs to a business lie. These might include air conditioning or heating systems, lighting and security systems, plant and machinery items.

Our partner in this area can provide a free consultation to check if you could benefit. We have already used this for our own property and have received back a rebate so we know it works!

Please get in touch to discuss this further.