Tax Rebates & Refunds

Tips for businesses on managing capital allowances tax rebate claims

October 28, 2012
Posted in Tax Rebates — Written by Geoffrey

Businesses, as well as individuals, are entitled to claim tax relief on certain items of expenditure. The owners of businesses can claim tax relief on large purchases that aid the business, such as property, equipment or vehicles. This is called capital allowances tax relief.

If you think that your business is due a capital allowances tax rebate, there are certain things you need to know to put in and manage your claim.

Follow these 3 top tips:

1. Remember that you can claim for services as well goods. You should consider invoices from professional services, such as architects and electricians, when making your capital allowances tax rebate claim.

2. If you are buying a new building, make sure you raise capital allowances as a pertinent issue. You may be able to negotiate a better price if you raise the point that allowances may have already been claimed against its fixtures and fittings.

3. Put in your capital allowances tax refund claim sooner rather than later – it is a key part of new legislation that you must make your application before you sell certain fixtures or assets. Never wait to make your claim; get it in as soon as possible.

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