The general principle in determining who can claim capital allowances is that a person owns a commercial property or a furnished holiday let in the UK. The person also pays income tax or corporation tax in the UK. The length of ownership or whether it was the owner who built it; The nature of the ownership (whether individual, partnership, or through a company)—these things don’t matter. If a person meets these two general criteria, then it would be helpful for them to check whether their property does qualify for capital allowance claims.
In the UK, capital allowance remains one of the overlooked aspects of commercial property ownership. As a result, a significant number of businesses miss out on this particular type of tax relief. To get started, you can get in touch with the capital allowances specialists at CurtisPlumstone. If you want a better idea of your potential for a capital allowances commercial property claim, you can accomplish their online, no-obligation questionnaire here.