| All kinds of business including hotels, rest homes, football grounds or car showrooms etc |
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| How much could the Inland Revenue owe you? |
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The Capital Allowance Company (UK) Ltd was, established to satisfy the specialist financial needs of care homes and hotels. Although we deal with all kinds of business including hotels, rest homes, football grounds or car showrooms etc
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| A comprehensive survey was carried, which revealed that most Care Home and hotel owners were eligible for unclaimed tax benefits. |
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| Working in conjunction with specialist leading chartered accountancy practices-, The Capital Allowance Company (UK) Ltd can provide an assessment of unclaimed benefits. |
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A detailed report is compiled, following which submissions are made to the Revenue and claims processed.
The depreciation charge shown in the annual profit and loss account of care homes/hotels is not a tax-deductible expense. Income tax relief for expenditure on what is known as "machinery and plant" is being given by way of a system of capital allowances. |
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| One of the difficulties as far as care homes/hotels are concerned is the identification of the eligible expenditure. Where the expenditure is carried out on a piecemeal basis it is normally quite straightforward for the accountant to identify the expenditure and to make the appropriate capital allowance claims. |
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The difficulty arises where the expenditure eligible for capital allowances forms part of a composite figure, say for example, on the purchase of the care home/hotel in the first
Instance, or in subsequent expenditure on the property (more particularly when there's a priced contract with a builder for the work) |
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| On the purchase of a care home most solicitors and accountants identify a value attributed to the goodwill. To the chattels (loose fixtures and fittings) and the freehold property. It is within freehold property that one finds items, which are potentially eligible for capital allowances. |
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The specialist skills of a property valuer / surveyor and taxation accountant are required in order to enable such claims eligible expenditure to be identified and income tax relief obtained. For most care homes/hotels. Claims have not been made in the past and provided that the relevant items or machinery and plant are still in use for the
Purposes of the trade, claims can still currently be made for these items. |
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| To obtain the full benefit of any capital allowances claims. Care needs to be taken in respect of the sale of the whole or part, of the business and it is recommended that reference is made in contract to the items on which the additional claims have been made and the value attributed to these. |
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