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B&B owners in the dark


Unfortunately, because most accountants are unfamiliar with capital allowances and how to identify them, B&B owners themselves are almost always in the dark. This isn’t ideal as it’s a tax relief they have a right to claim under UK law.


Following new laws announced in the Finance Act 2012, it has become even more important for B&B owners to have capital allowances on their radars. The reason for this is that, since 2014, any unclaimed capital allowances must now be identified and documented before or at the point at which a B&B is bought or sold - or they will be lost forever.


One final thing: it’s worth pointing out that most capital allowances firms, including ourselves, will only charge a fee if the capital allowances identified are substantial - at Catax Solutions, for example, we only charge a fee if the unclaimed capital allowances identified amount to over £50,000. This means that there is no risk and no up-front cost for B&B owners.


Right, not privilege


Ultimately, capital allowances are a right and not a privilege, and if B&B owners have incurred the expenditure or costs involved in buying, building or adjusting their building, then they deserve the tax benefit. And with average unclaimed capital allowances amounting to tens of thousands of pounds, who can afford not to look into it?


www.cataxsolutions.com


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