Can you benefit from capital allowances on your business premises?

If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building.

The ‘intrinsic fabrication’ of a building includes items such as lighting, heating, plumbing, electrics and fire safety systems. It essentially covers the items that are necessary for the business to be able to function.

Capital allowances mean that the cost associated with this ‘intrinsic fabrication’ can be offset against Corporation Tax.

However, since 2014, any capital allowances must be used before the premises are sold. Otherwise, the new owners will not be able to claim capital allowances.

This means that it is critical to ensure that you are claiming the full extent of capital allowances that you are able to. It is also means that capital allowances are something you should ask about if you are in the process of buying new business premises.

This is a relief that could save you tens of thousands of pounds a year, but only if you actively claim it.

Link: Capital allowances and R&D – don’t ignore these business tax reliefs

Wilder Coe Ltd
Our mission is to care for each of our clients so that their expectations and goals are met and exceeded. So whether you’re looking for tax minimisation, wealth maximisation or simply a professional service with a personal touch Wilder Coe Ltd’s partner-led approach, combined with a commitment to developing an understanding of your business and a rapport with you and your staff, ensures that you and your business always get the right level of attention and service you need.

We are a multi-faceted practice providing a wide range of professional business services including accountancy, auditing, taxation, corporate business recovery and insolvency services. For more information, please contact us.