If you are building, renovating or refurbishing a business property, are you getting the full tax relief to which you are entitled?
The rules have changed over the last couple of years, and there are potentially large amounts which can be claimed now which could not be claimed previously. It all comes down to the definition of repairs, replacements, fixtures and fittings, and integralfeatures, compared to the actual structure. The tax definition is not necessarily the same asthe layman’s understanding!
We at Minford are experienced and have the technical expertise to assess either a new build or a refurbishment and maximise the claims possible. We work with your builders and architect as necessary to understand and define the build processes, which puts us several steps ahead of the accountant in his office looking at invoices a year after the work has been done – and with the result that the amount of tax relief we can achieve for you working at the point of build is generally more.
We also have the ability to scrutinise your overall affairs, and organise for the tax reliefs to fall where it is most beneficial to you – against Higher Rates rather than Lower, in one year or another, using this particular business structure, or a different one.
We must also bear in mind that the total Capital Allowances claim available in any one year becomes dramatically more restricted from April 2012, so THIS IS THE YEAR TO ACT!
If you are currently building or refurbishing, or contemplating this, it will save you money to talk to either John or Paul. It could have a very dramatic effect on the amount of tax that you pay.