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| WE use many different accountants to complete these claims (or your own accountant) We Mainly use : Andy Seymour Of ASAP Lincoln who was established in 2005, although Andy was formally of Streets & Co and Russell Payne and Co of Lincoln - Specialising in their Capital allowance Department and completing millions of pounds of claims for us. Providing a reliable and friendly service to all our clients, large or small. Our staffs are all trained to work with a skill and efficiency that enables us to give our clients the highest quality of service and specialise in Self-Assessment Tax Returns. |
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| RETROSPECTIVE CAPITAL ALLOWANCE CLAIMS |
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| £Millions are going unclaimed |
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| The essence of these claims is identifying items inside business premises that qualify for allowances but were not spotted at the time. The vague wording of invoices, constant changes in tax legislation in this area and interpretation of the rules means that substantial amounts of allowances go unclaimed. The amounts we have claimed in this way range from a few thousands to millions! |
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| All businesses can be eligible |
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| Any kind of business can benefit from these reviews. The only real requirements are that it owns, use or lets commercial premises and either has or will have profits against which to set tax relief. |
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| The reviews are undertaken in conjunction with a specialist surveyor specialising in this area. The service provided includes not just the survey but also the preparation of tax computations, their negotiation with the Inland Revenue and the obtaining of resulting tax refunds. We undertake these reviews on a no-win no-fee basis, the fee being linked to the extra plant & machinery allowances agreed with the Inland Revenue. There is a small upfront refundable deposit and the fee is not invoiced until the Inland Revenue has agreed the claim, so you can't lose! |
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- We do not poach accounting/audit/tax/financial services work from existing advisers
- We provide specific contact names and numbers
- We keep customers and existing advisers informed of progress
- We will visit customers and HMIT as necessary
- We contract with Capital Allowance Company (UK) Ltd not the customer
- We evaluate the tax allow ability
- We prepare additional claims for allowances and revised tax returns
- We submit all paperwork to HMIT and deal with any queries
- We pursue and check tax refunds and interest payments
- We apply to reduce future payments on account
- We only get paid when the customer does!
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| Information needed by our accountants: |
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- Capital Allowance Company (UK) Ltd survey Report and pricing
- Authority to liase with existing accountant
- Copies of tax returns for previous 2 years
- Analysis for all tax years of additions to plant and machinery, CA claims
and Repairs claimed in Accounts
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| Reasons Why Potential Claims are Substantial : |
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- Plant & machinery not defined in legislation
- Court cases are contradictory and confusing
- Very few advisers are experts, even in the biggest firms
- Documentation rarely explicit enough
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- Can backdate up to 2 tax years/accounting periods
- Can include all assets still owed then, however old
- For companies, the 2 months before accounting date is the best time to claim
- For unincorporated businesses, the period August to January is ideal
- More generous rules for pre - 1993 assets
- Immediate tax refund = up to 31% of allowances for 40% taxpayer
- Refunds go to customer via our Accountant on Receipt from Inland Revenue
- Inland Revenue pay tax-free interest on refunds
- Payments on account are lower
- Future tax reductions-balance up to 40% of allowances for 40% taxpayer
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