Capital Allowances

Optimize your capital allowances and enhance your tax savings.

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Capital Allowances

The intricacies of legislation and challenges in interpreting the rules often result in businesses not claiming all the entitled tax relief.


What are Capital Allowances?

Capital allowances offer immediate tax relief on capital expenditures, leading to significant cash savings for businesses. This encompasses a broad spectrum, ranging from computers to extensions in commercial properties. Unfortunately, many businesses fail to claim their full entitlement to capital allowances due to a lack of understanding about eligible items for claims.

Contrary to common belief, there is no time limit for claiming capital allowances. Therefore, reviews of historical expenditures can uncover additional tax savings. All types of businesses, including landlords under specific circumstances, can benefit from claiming capital allowances.

Accountancy

Capital allowance claim categories:

  • Annual investment allowance (AIA)
    The AIA provides businesses with a 100% tax deduction for qualifying expenditures.
  • Writing Down Allowances (WDAs)
    WDAs gradually write off asset expenditures over time at rates of 18% or 6%.
  • First Year Allowances (FYAs)
    FYAs can be claimed in addition to the AIA, offering 100% tax relief on specific capital expenditures, including new zero-emission cars and goods vehicles.
  • Super deduction
    Introduced as a temporary measure until March 31, 2023, the super deduction provides an enhanced deduction of 130% on qualifying expenditures.
  • 50% first-year allowance
    Introduced alongside the super deduction until March 31, 2023, the 50% first-year allowance allows a 50% tax deduction on qualifying special rate pool expenditures.

Accurately identifying and allocating expenditures across these categories is crucial for optimizing capital allowance claims.

No matter your circumstances, our team of tax advisers in the UK can assist you in maximizing your capital allowances and minimizing tax payments. Contact us today for further advice or to discuss the next steps by calling us on +92 302 4012116 or emailing contact@leewopconsultancy.com.


Commercial Property

Leewop specialises in advising on making capital allowance claims for commercial properties and can help property owners or leaseholders identify qualifying expenditures on fixtures and fittings. This work can be carried out on existing buildings, where no claim has previously been made, as well as on construction projects and as part of the purchase or sale process, including advice on the drafting and agreement of S198 claims between buyers and sellers. We can also assist in making structures and building allowance (SBA) claims where capital allowances are unavailable.


Land Remediation Relief

In cases where businesses remediate land for contamination they weren't responsible for, a claim can be submitted to receive tax relief on 150% of the incurred expenditure. Decontamination activities may involve, but are not limited to, tasks such as asbestos or Japanese knotweed removal. This investment strategy and allowance claim can prove beneficial for preserving and enhancing building assets while also minimizing tax liabilities.


Why choose Leewop for your capital allowance requirements?

Keeping up with the frequent changes in capital allowances is crucial, and seeking the guidance of a capital allowance specialist is essential. Leewop boasts a team of specialists ready to assist your business in identifying relevant allowances. We also offer support for potentially overlooked allowances in the past and strategic insights for future planning.

Dealing with the administrative aspects of capital allowances can be intricate and time-consuming, but Leewop can handle all necessary tasks on your behalf. We ensure that your business operates in the most tax-efficient and compliant manner, preventing overpayment to HMRC and securing all entitled allowances.

At Leewop, our chartered tax advisers specialize in capital allowances, providing you with comprehensive advice. We take the stress out of your tax obligations, allowing you to concentrate on what matters most. Our offerings include:

  • A dedicated tax department with a wealth of experience and expertise
  • Tax consultants who are Chartered Tax Advisers, ensuring sound and up to date advice
  • A single point of contact so you aren’t being passed from pillar to post
  • Reliable, professional, tailored and personal service
  • Digital expertise to deliver efficiencies through advanced technology solutions
  • UK -based tax advisers with national and international reach

Choosing Leewop ensures not only compliance with laws and regulations but also the assurance that our team recognizes areas for improvement. This includes optimizing your financial structure for efficiency and ensuring you leverage available tax reliefs and allowances to your advantage.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

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