My accountant already deals with capital allowances, do I need any further support? keyboard_arrow_down
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Your accountant may claim certain ‘obvious’ capital allowances that are easily identified when purchasing new assets. However, Leyton can add significant value to large construction projects, fit outs and property acquisitions. Many accountants outsource their capital allowances work to Leyton because of the complex legislation and technical knowledge required. HMRC recommends careful, specialist handling for these types of capital allowances claims.
We don’t own the building, can I still claim? keyboard_arrow_down
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Providing you have the relevant interest in land (ie. a lease on the property). If you are a tenant, you can claim for qualifying assets on expenditure that you incur. Speak to your Leyton adviser to see how you can benefit.
I’m a building landlord can I still claim? keyboard_arrow_down
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Yes, if you (the landlord) own qualifying assets you can claim the allowances, providing that the assets are brought in for use in your trade (ie. you receive a market rent from your tenant(s))
Is there a time limit on claiming capital allowances? keyboard_arrow_down
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There’s no time limit on claiming capital allowances while you still own the qualifying asset. Due to the amount of legislation changes and the complexities around entitlement, we recommend engaging a specialist at the earliest opportunity to avoid delaying any claim and ensuring you maximise the tax benefit.
How much will it cost my business to claim capital allowances? keyboard_arrow_down
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Our fee structure is designed specifically for your needs to secure the best possible value for money, so it can be contingent or fixed fee depending on the client’s preference.
I don’t have any information relating to the expenditure incurred. Can I still make a claim? keyboard_arrow_down
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Lack of invoices may make the job harder but not always impossible. Claims should be based on actual cost incurred and reconciled with your statutory accounts submitted to HMRC when possible, but where there is missing information, we can use specialist surveying and cost modelling techniques. Keep whatever records you can and this will help us maximise your claim.
Is there a list of qualifying P&M costs that I can use to calculate my claim? keyboard_arrow_down
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No, there is no legislative definition of the term “plant and machinery”, so the identification of qualifying items can be complex. HMRC and case law stipulate what may be considered plant & machinery, but each item is tested on facts and what may qualify for one business, does not always qualify for another business. As a specialist, we have detailed technical knowledge to maximise your capital allowances claim.
Do all fixed asset additions qualify for capital allowances? keyboard_arrow_down
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No, not all capital expenditure qualifies for capital allowances
I recently sold a property. Can I still claim? keyboard_arrow_down
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You can only claim for periods when you owned and used the qualifying assets, so if your tax return for the period of ownership still can be amended within the statutory amendment window you may be able to claim retrospectively. However, post-sale buyers/sellers must also have complied with the fixed-value and pooling rules; if those weren’t done at the time of sale the future owner(s) may have lost the ability to claim.
What happens if HMRC/Revenue rejects my claim? keyboard_arrow_down
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In the unlikely event there are queries from HMRC, we will deal directly with HMRC as part of our service.
Is the process complicated and timely? keyboard_arrow_down
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Claims are handled in a timely and efficient manner, providing all relevant information is available to us. Timeframes can be within 1 month. We try to keep the clients time to a minimum.
