Amidst the constant pressure surrounding tax avoidance, it can difficult to forget the tax reliefs that are available to us and the importance of making sure that we maximise all such claims.
One such area is capital allowances. Capital allowances give tax relief for expenditure incurred on purchasing, building and refurbishing commercial property.
It is not unusual for 15% – 45% of the cost of a commercial property to qualify for capital allowances. The allowances can be used to offset against taxable profit in the current year and for a good number of years going forward, generating a significant tax saving.
If you are building, purchasing or refurbishing a commercial property, then considering capital allowances at an early stage is advisable, it could significantly improve the affordability of the building.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.