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Frequently Asked Questions

1. Accountants have dealt with all my affairs, surely they would have made a claim?

Many Accountants do provide Capital Allowances advice. However as this is a specialist subject most Accountants tend to outsource the work. CAATRL have consistently been able to highlight significant extra allowances, previously unclaimed, by identifying, recording and researching many less common elements of plant & machinery, fixtures & fittings and integral features. This has led to additional tax savings. Even some sceptical clients have been surprised at the value CAATRL were able to add to the existing claims made by their Accountants.

2. My Accountants assure me that they have already claimed for Capital Allowances

CAATRL are specialists with a different skill-set and more in-depth knowledge and current understanding of Capital Allowances law and practice than most High Street Accountants who deal with these issues far less frequently and widely than us.

Your Accountants may claim on everyday purchases such as curtains, carpets, fire extinguishers and radiator covers but unless a specialist Surveyor has assessed the property, you could be missing out on a potentially large Capital Allowances claim. If your Accountants haven’t undertaken a detailed survey of the property it is highly unlikely that all appropriate allowances have been claimed.

Far from potentially undermining your Accountants we work closely with them to ensure that we can achieve the best possible outcomes in terms of tax savings for you. In fact many of our clients are introduced to us by their existing Accountants. Your Accountants are unlikely to be property experts. Being specialists in this field of work we recognize the complexities of the tax law and practice involved in successful claims for Capital Allowances so why not get an expert to do the job?

3. How do I avoid having to spend a lot of time looking for property information for you?
Only the basic information is required from you. We, as a team, do all the research and assessments necessary. Our in-house Surveyor will visit the property to analyse all the potential plant and machinery and integral installations that could potentially be subject to a successful Capital Allowances claim.

4. Will my additional claims cause issues with HMRC?
HMRC are used to dealing with Capital Allowance claims, after all they are within the name ‘allowance’! CAATRL will provide support to your Accountants in compiling any claims and assist in resolving any issues in the unlikely event of any HMRC queries on them.

5. Will any Capital Allowance claims affect the Capital Gains Tax if I want to sell the property?
On the sale of any property your Capital Gains Tax liability will be unaffected. From April 2014 your Solicitor will just need to report the value of the Capital Allowances claimed to the vendor as part of the new disclosure requirements which will be taken into account by the vendor in making future Capital Allowance claims of his own.

6. I bought my property 10 years ago. Can I still claim?
Yes. It is possible to make a claim in a later year’s Tax Return as long as the assets are still owned and used in the business.

7. I’m not making enough or any taxable profits. Should I still consider claiming?
Yes. Even if you are not making profits, Capital Allowances can still be claimed to augment any trading losses which can be offset against future years’ profits. If you are a sole trader or a partner you can often offset your augmented trading losses against other income and generate a tax refund.

If your business is a company within a trading group of companies again the losses augmented by Capital Allowances claimed may be set off against other trading profits in the group. Your Accountants will advise how best to achieve this once your Capital Allowances claims have been finalized.

8. It sounds too good to be true. There must be some hidden costs?
There are absolutely NO HIDDEN COSTS. Should CAATRL fail to identify an additional £25,000 of unclaimed Capital Allowances then there are no fees whatsoever. If you benefit only then do we!

9. My company pension owns a commercial property. Can I claim?
Unfortunately pension schemes are unable to claim Capital Allowances.

10. Can I pay CAATRL once I receive my tax repayment?
Sorry, no. An invoice is raised and submitted to you with the Capital Allowances Report. Payment of the sum due is required within 14 days of receipt of the invoice by you by which time it is unlikely HMRC will have processed your tax repayment.

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