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Markel Tax

Capital allowances

Over half of all businesses in the UK do not claim their entitlement to capital allowances, which could be worth hundreds of thousands of pounds. 

The Markel Tax team can assist by identifying and submitting capital allowances claims relating to past, current or future expenditure. By consulting with a Markel Tax specialist before incurring any expenditure on commercial property, tax claims can be maximised.

Our multi-disciplinary team including tax experts, a conveyancing lawyer and RICS qualified surveyors, identified over £23 million worth of qualifying expenditure in 2017. 

Spot a capital allowance opportunity

Capital allowances opportunities can arise in a number of different ways:

  • When expenditure is incurred on constructing, purchasing, fitting out, refurbishing or extending a commercial property
  • When buying or selling a commercial property: after April 2014 the value of the capital allowances must be agreed as part of the contract otherwise the claim will be lost

Typical properties that benefit from capital allowances include:

  • Purchase of an office building – allowances available on initial investment plus further claim on any redevelopment costs.
  • Hotel acquisition and refurbishment including serviced apartments
  • Restaurants and entertainment venues
  • Residential care homes, nurseries and holiday lets. 

The process

The Markel Tax team will typically take clients through the following process:

Step 1 - A complimentary due diligence to confirm entitlement and scope 
Step 2 - A property survey and detailed valuation by a Markel Tax RICS qualified surveyor 
Step 3 - Submission of a full report to HMRC by Markel Tax
Step 4 - Liaison with HMRC to ensure acceptance of the claim 
Step 5 - Full support where subsequent questions or further enquiries are needed

Talk to us...

Justine Dignam
Justine DignamDirector of Incentives and Reliefs
James Clark
James ClarkAssociate Director - Incentives & Reliefs
Adam Ellerington
Adam ElleringtonSenior R&D Tax and Capital Allowances Consultant0114 236 4457