Typically, accountants are usually more familiar with obvious plant and machinery allowances. Utilising our services will mean us working together with you and your accountant to ensure we maximise the benefit for you on your more complex property and innovation projects.

We are qualified specialists with relevant multidisciplinary skills and experiecne, including knowledge of the legislation, relevant case laws and HMRC guidelines in order to maximally identify allowances and corresponding cash savings for you.

The answer will depend on the type of tax incenetive. The capital allowances regime is generally designed in such a way that you can introduce the claim in your tax return for any future period, if you still own the asset in respect of which you are claiming. However, the likes of R&D tax relief and land remediation relief are subject to time restrictions of around 2 years from the end of the financial period wherein the spend was incurred. This is because the claim has to be made within the tax return for the financial period wherein the spend was incurred.

The legislation does not allow assets considered as dwelling to be eligible for capital allowances. However, if the serviced apartment / residential property is  being used for a furnished holiday lettings business, then it is within the scope for a capital allowances claim. In each year the property must be:

• available for holiday letting for 210 days
• let for 105 days or more

Tax return for a previous profitable period (still open for amendment) can be amended to introduce the capital allowances identified for a cash refund due to overpayment. The loss in a period may also be surrendered to HMRC for a tax credit in the case of R&D tax relief and land remediation relief.

With our quantification and costing skills, we can price up the relevant assets in order to identify the items and expenditure qualifying for tax relief.

The legislation does not allow assets considered as dwelling to be eligible for capital allowances. This does not include the likes or hotels or care homes.  Also, you can only claim for items to be used in residential property if your business qualifies as a furnished holiday lettings business. In each year the property must be:

• available for holiday letting for 210 days
• let for 105 days or more

In the case of a block of flat, the common areas such as lift lobbies and laundry room are not considered dwelling so will not be barred like the individual flats.