HM Revenue & Customs (HMRC) could owe small businesses that own a commercial property thousands of pounds in tax rebates, according to CA Tax Solutions – a capital tax specialist.
There are approximately 1.4 million commercial properties throughout the UK, and yours could be one of them that is owed a capital allowance tax refund. It is estimated that £65 – £70 billion is left unclaimed by commercial property owners every year.
Speaking of the capital tax, CA Tax Solutions Managing Director, Mark Tighe, stated: “Capital allowances are one of the more obscure areas of tax and for this reason they often pass under the radar of a lot of firms.
“For obvious reasons, the Revenue isn’t shouting about it from the rooftops, either as really this is something they should have alerted them to years back.”
CA Tax Solutions estimates that small commercial property owners are more likely to receive a tax rebate as many accountants miss the criteria for claiming capital tax, as Mark added: “The truth, though, is that accountants can’t be expected to have the skill-set required to identify capital allowances.”
So whether you own an office, a cake shop or an estate agent, it is worth seeking legal advice to find out if you are eligible to claim, because as Mark says: “The bottom line is that it’s a very tough climate for the majority of UK firms right now and a cheque from the Inland Revenue would be a real fillip.”