Tax Planning for Commercial Property Owners

Many businesses own a commercial property or commercial properties which they either use for their business or let either partly or in full to tenants.

Tax Planning for Commercial Property Owners photo

Claiming Capital Allowances

Many businesses own a commercial property or commercial properties which they either use for their business or let either partly or in full to tenants. They can be care home owners, owners of office blocks, student apartment blocks, leisure parks, cinemas, day nurseries, car dealerships, veterinary practices, medical practices, hotels, pubs, clubs, health centres and garden centres; indeed any kind of commercial property.

Owners of commercial properties often don’t realise that they are missing out on a valuable opportunity to claim capital allowances, and therefore to reduce their corporation tax substantially.

Capital allowances can be claimed for nearly all commercial freehold properties (although with some exceptions - notably properties held offshore or in trust, properties held by charities, local authorities and by executive pension funds). They can be claimed retrospectively but realistically the property should have been purchased less than 15 years ago.

Lawrence Young can advise you on all the tax planning aspects of buying, selling or refurbishing a commercial property and is able to make capital allowance claims on your behalf to HMRC. The scheme is a comprehensive service for which there are no up-front fees, no survey fees, no interim payments, and no risk. The service includes updates and advice on changes in capital allowance legislation.

If your business owns commercial properties and you are interested in how capital allowances can be claimed to reduce corporation tax, please call us. We will be pleased to go through how it will work for your business and how it will affect your overall tax position.

Also, do ask about our Taxability review where we can look at 50 elements you should review regarding your company taxation.

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