Tax Rebates & Refunds

Optical businesses could be missing out on tax refunds

November 1, 2012
Posted in Tax Rebates — Written by Chris

According to a property tax specialist, around nine out of ten optical businesses in the UK could be due a substantial tax rebate.

MoneyBee Tax conducted a review and found that hardly any optical businesses are claiming the tax relief on capital allowances that they are entitled to. Capital allowances relates to money spent on buying a new practice, fitting it with equipment or refurbishing the space.

Some optical businesses are claiming for basic expenses such as computer equipment and furniture, but most aren’t claiming for the big purchases. For example, the cost of buying specialist ophthalmic equipment or laboratory fittings.

It is estimated that 90 per cent of UK optical businesses could be claiming around 30 per cent of every £100,000 they spend on capital allowances for their premises. This could lead to a sizeable tax rebate, which could really help businesses survive through difficult economic times.

MoneyBee Tax’s Andrew Reid said:

“The value of capital allowances will vary from business to business but we rarely come across a case where a business owner couldn’t save money.”

“Importantly, even if the business was bought or fitted out years ago, a claim for capital allowances can still be made now.”

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