Capital Allowances

A professional and innovative approach to the Capital Allowances market

Elect Capital Allowances Ltd (ECA) combines the strengths of its individual directors and associates to provide our clients with a friendly, professional and innovative approach to the Capital Allowances market.

We provide the accountancy and legal profession with essential support in fulfilling their client obligations relating to Capital Allowances. The risk of not acting in relation to Capital Allowances or getting the process wrong has potentially dire financial consequences following legislative changes introduced by HMRC and made effective in the Finance Act of 2012.

Current technology, up to date knowledge of the tax legislation, HMRC and surveying practices, along with attention to detail, enable us deliver thoroughly researched and prepared Capital Allowances claims. This ensures we meet the requirements of increasingly dogmatic Inspectors, providing peace of mind and a swift refund of taxes overpaid by our clients.

CAPITAL ALLOWANCE DOCUMENTS

Our Capital Allowances services include the following

Full review of the property history (including legal and accounting documents) to establish the basis for a claim

Detailed survey of the property (where appropriate) using our bespoke apple based app

Comprehensive valuation of qualifying items

A detailed report breaking down qualifying items of expenditure for HMRC reference

Advice on the most effective use of the tax allowances identified

Defence in the event that HMRC seek to challenge any aspect of the report (we have never lost a claim)

Case Studies

Veterinary Practice

Elect were invited to review the surgery of an independent veterinary practice situated in Norfolk.
The practice had carried out extensive improvement works totalling £144,431.90 in December 2015 to incorporate numerous consulting rooms, surgery rooms, an x-ray room, prescription room, two receptions and offices.

A comprehensive Capital Allowances site survey was undertaken, followed up with valuation works undertaken by a RICS qualified quantity surveyor and a detailed review of the financial accounts and capital expenditure documentation.

The resulting additional claim for relief amounted to £92,131.

Care Home

We were asked to review the expenditure within two care homes in Kent.

The first property was a bespoke new build residential care home, with work commencing on site in 2005 and completed ready for occupation in February 2006.

The second property was an extension to an existing care centre carried out in 1998.

Neither property had been subject to a detailed review of the available qualifying expenditure within the fabric of the building.

Following extensive site surveys we were able to identify £977,955 worth of additional qualifying allowances which represented 23.20% of the total expenditure.

Trampoline Center

Elect were called in to review the latest site opened by the UK’s leading Trampoline Park operator, who own a national network of cutting-edge centres.

Situated in Staffordshire, the property is a former distribution warehouse which the client carried out a major refurbishment to convert in to a trampoline park.

The client had carried out the conversion work in 2015 which totalled £490,000, and following a detailed site survey we were able to identify and allocate integral features and other qualifying plant totalling £135,869 in previously unclaimed Capital Allowances.

(This figure could have been over £200,000 higher had the terms of an asset finance agreement been negotiated to reflect the capital allowances were available to the client rather than the asset finance company.)

Holiday Cottage

The clients commenced furnished holiday lettings from two properties which had previously been private residences.

Following a detailed site survey we were able to identify qualifying Plant totalling £94,546 in property one and £53,988 in property two, which gave a total of £148,534 in previously unclaimed Capital Allowances for the client.

CONTACT US ON 01889 740 405