UK businesses failing to claim tax entitlements

Recent research has shown that many businesses throughout the country are failing to use the full allowance of tax relief they are due. Potentially, billions of pounds worth of entitlements are up for grabs.

The news has come from leading accountants Deloitte.

A recent study by the firm suggested that 90 per cent or more of UK businesses that own commercial properties could be entitled to a capital allowances rebate from HMRC.

It is likely that many business owners will be unaware of their entitlement. This is particularly the case for those businesses not in the position to employ teams of accountants to investigate the finer details of the tax break.

Available to all business which incur capital expenditure costs, through purchasing, constructing or refurbishing commercial premises, capital allowances are often claimed for the basics. However, many other aspects are not being claimed against.

For example, the installation of alarm systems and security shutters, shop awnings, roller garage doors, external railings and collapsible gates can all be claimed. Indeed, some business owners have also put in claims for art work and aquariums.

The easiest way to make a claim is to do so once all installation and building work has been completed, and all receipts are to hand. However, with the break also applicable to buildings of all ages, cost-effective retrospective audits can easily be completed.

For companies looking to upgrade their security systems or complete a much needed refurbishment, such entitlement could be just what is needed.

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