This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

£70bn unclaimed by UK businesses

17 July 2012

Hundreds of thousands of UK businesses are due a tax rebate from the Inland Revenue, according to capital allowances tax specialists, CA Tax Solutions, who believe that UK's commercial property stock contains up to £70bn of unclaimed capital allowances.

From warehouses, factories and dental surgeries, to retail outlets, gyms and office blocks, any company that owns a commercial premises has a high probability of receiving a capital allowances tax windfall to the tune of thousands, or even tens of thousands, of pounds.

Research from big four accountancy firm, Deloitte, confirms that in nine cases out of 10, capital allowances reports will uncover a tax rebate for the owner of a commercial property.

To date, the average rebate CA Tax Solutions has generated for smaller UK commercial property owners is £25,000 net, the biggest tax rebate more than £10m net.

And because claims can be made historically, CA Tax Solutions estimates that there is £65bn–£70bn of net tax rebate lying unclaimed in the UK's commercial property stock.

Smaller businesses that own commercial property are most likely to be due a rebate as their accountants will often not understand the intricacies of capital allowances and how to uncover them.

Mark Tighe, Managing Director, CA Tax Solutions, commented: “Capital allowances on commercial premises are one of the more obscure areas of tax and for this reason they often pass under the radar of a lot of firms. And for obvious reasons, the Revenue isn’t shouting about it from the rooftops, either. A big problem is that many accountants are embarrassed to approach their clients about the issue, as really this is something they should have alerted them to years back. The truth, though, is that accountants can't be expected to have the skill-set required to identify capital allowances. The bottom line is that it's a very tough climate for the majority of UK firms right now and a cheque from the Inland Revenue would be a real fillip."



Contact Details and Archive...

Print this page | E-mail this page

https://www.asckey.com/
https://www.bona.com/en/
PFM
https://www.aspenpumps.com/en-gb


MOST VIEWED...

View more articles
Article image

Acquisition of Atalian and OCS announced by global investment business

Clayton, Dubilier & Rice (CD&R) has announced its intention to acquire FM businesses OCS Group and Atalian for an undisclosed sum....
Article image

Making the Leadenhall Building fit for purpose

Firmly established as one of the most notable buildings in the City of London, the Leadenhall Building (informally known as the cheesegrater) provides a st...
Article image

Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the r...
Article image

Account Director finalists confirmed for PFM Awards

Three finalists have been confirmed to attend the final day of judging within the PFM Partnership Awards 2022 Account Director of the Year category....
Article image

Cleenol launches edencleen range

One of the UK’s longest established manufacturers and suppliers of quality cleaning and hyg...

Article image

YLOTY2018 winner comments on his success on the night

This year's PFM Awards Young Leader of the Year winner, Kristian Trend, gives his reaction winning the award after receiving his trophy on 7 November at Th...
https://www.ppspower.com/
https://www.floorbrite.co.uk/
https://www.neccontract.com/products/contracts/nec4/facilities-management-contract/bundle?utm_source=PFM+ads&utm_medium=website&utm_campaign=PFM+ads
https://www.pfmawards.co.uk/
https://flowscapesolutions.com/
https://www.uhubglobal.com/
https://www.aspenpumps.com/en-gb