Get down to the detail So, where work is planned, it’s worth considering getting advice on what will open up the opportunity for capital allowance claims. A typical construction project contains lots of diff erent assets that each need to be allocated to the right category because a diff erent rate of tax relief applies to each. Up to 100% of the costs, which will include professional fees, could attract tax relief. T e devil is in the detail: - General plant – 18% annual allowance - Integral features - 6% annual allowance - Structures and Buildings Allowances – 3% annual allowance - Research & Development Allowances – 100% fi rst year allowance - Contamination Removal Allowance – 150% fi rst year allowance - Repairs and Maintenance – 100% expensed
As one business closes its doors, never to reopen, a new business will spring up like a phoenix out of the ashes. Tenants will decide to become landlords and all sorts of changes in ownership and occupation will take place over the next couple of years. For everyone working in the construction industry; the property agents, surveyors and capital allowances consultants alike, these are exciting times. But it has also been widely reported that HMRC has been raising
more enquiries into tax relief claims. T e tax authorities drafted in more staff during Lockdown 1 and they have been busy. T ey are helping the Chancellor claw back some cash to pay for the massive debt the government has racked up. We are going to be remarkably busy complying with the COVID-19
ALL THINGS BUSINESS 27
regulations, adapting to new working conditions and navigating our way through the ever-changing legislation – picking up the phone to an expert may well be the answer to staying one step ahead of the tax man.
More information is available from Barth Consulting on 07775 021365 or visit
www.barthconsulting.co.uk or contact Louise via LinkedIn
vww.linkedin.com/in/louise-barth-2a669411/
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