Barth Consulting


A professional eye makes all the difference


Every business owner will go through spells of lying awake at night worrying about their fi nances, particularly in the light of the events of the past year. For some, this year’s books will be more complicated than ever. But the tax man looms and payments that need to be made - payroll, HR, IT – aren’t going to go away. Amid all that worry, what may then get pushed into the background are


the ways to reap tax benefi ts, to access allowances you’re entitled to. And that’s where a strategic phone call to an expert can make all the diff erence. A consequence of being a business owner is that you will at some


point own or occupy commercial property, either as a landlord or a tenant and, it will inevitably cost a lot of money to buy it, convert it, refurbish it and sell it when you’re done with it. T e rent, rates, operational expenses and maintenance of a property are high, before committing to any construction expenditure. Investing in property is costly but some of those costs can be


mitigated with tax relief and should be part of any forward-thinking business owner’s tax planning strategy. Capital allowances are applicable to all types of building except pure residential. T ey are designed to incentivise businesses to invest in property-related assets, or plant and machinery as its commonly known. Whilst the capital allowances legislation has been around for


decades and forms an integral part of the UK tax and accounting system, it is continually being amended and tweaked by the Government. A lot of the people I deal with fi nd the legislation mind- boggling and don’t know where to start.


Professional input As a specialist in capital allowances – rather than an accountant dealing with PAYE, VAT, furlough payments, CBILS and the rest, or a small business owner with no time to do anything other than their basic accounts – I relish the larger, more complex projects that benefit from time spent clearly identifying areas that qualify for tax reliefs. Just consider of the considerations of a typical


claim: - Large developments are complicated and can span more than one fi nancial period - Good data capture as the project progresses is essential to get a good claim at end - A mix of tax reliefs are applicable - Tax planning gets you a better result at the end, but historic claims are possible if you’re prepared to cover old ground


26 ALL THINGS BUSINESS


Louise Barth Barth Consulting


It’s a process that is time consuming and it is complicated and it’s a simple fact that capital allowance claims prepared by a responsible professional will improve the likelihood of a successful outcome. The recent unprecedented health crisis will


inevitably result in some growth in the property and construction sector for the foreseeable future. And if not growth, then a fl exing of some sectors to accommodate the shift in demand for working from home, health facilities, online shopping and the decline in retail. T e eff ects of Brexit may see investment in some sectors like agriculture and freeports in the next couple of years, while the healthcare sector will have to start to prepare itself for future pandemics. Away from those key sectors, building owners


and occupiers are reviewing their existing spaces and planning for post-COVID-19 and Brexit space requirements. T is pandemic has sparked an acute awareness of our surroundings and what we will and won’t accept now. If business owners do not provide workplaces in


which workers feel comfortable, they will struggle with job retention, staff effi ciency and, inevitably, revenue derived from their activities in those properties will suff er. Property owners will need to invest in safe


places to work and play to encourage workers and consumers back into their buildings.


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