Accountants
A completely different exercise and skill set is required to determine the qualifying additions that capital allowances are able to be claimed upon. A thorough understanding of the capital allowances legislation, case law, HMRC interpretation and current practice is necessary; in addition to being familiar with how building works are procured, constructed and their costs recorded.
Acquisition and Disposal of Properties
Accountants are often not involved in the acquisition or disposal process and sometimes only learn of their clients’ sales or purchases when preparing the audit or tax computation. All of the issues which affect the availability and value of capital allowances are exposed whilst the transaction is proceeding. It is imperative that these issues are addressed at that time.
The starting point for the value of capital allowances inherent in a property is a “just and reasonable apportionment” under CAA 2001 s562. However, determining what that figure might be, and the restrictions that may be applied by s185, s186, s187A and others, requires skills that are not normally found in-house in Accountants offices.
Capital Allowances on Refurbishment, Fit Out or New Build Projects
A completely different exercise and skill set is required to determine the qualifying additions that capital allowances are able to be claimed upon. A thorough understanding of the capital allowances legislation, case law, HMRC interpretation and current practice is necessary; in addition to being familiar with how building works are procured, constructed and their costs recorded.
How can DHA Consulting help?
DHA Consulting offers a range of services to Accountants to assist them in their delivery of excellent client service.
One of our key services is the analysis of historic additions to see if additional capital allowances can be exposed. Working with the Accountant we review the potential for supporting additional claims and help the Accountant manage client expectations in this area.
We have experienced countless instances where clients have not claimed their full entitlement to capital allowances for historic additions and we can identify and claim those amounts in current open periods.