Wilmslow Tax Solutions

Wilmslow Tax Solutions is the rebranded name of Capital Allowance Claims Ltd.

Wilmslow Tax Solutions is a trading style of Wilmslow Wealth Management.

FAQs

FAQs

If you want to learn more about how Wilmslow Tax Solutions can help call us now on 01625 535 456 and speak to one of our experts.

1. My accountant will have already dealt with any relevant capital allowance claims?

There is a very high possibility that your accountant will have only submitted claims for expenditure on the most obvious lower value items such as carpets, curtains, fire extinguishers etc. In reality unless a specialist surveyor such as Wilmslow Tax Solutions has surveyed the building how would your accountant be able to claim for the allowed plant and machinery relevant to your trading business.

Capital allowance claims when completed correctly can be up to 20 – 25% of the original property value. This is significant.

Wilmslow Tax Solutions will work with your accountant to analyse what has and has not been claimed. If your accountant deals with your general accounts Wilmslow Tax Solutions can bring the specialist skills required to maximise and complete successful capital allowance claims and compliment the work already done by your accountant.

Please note: before Wilmslow Tax Solutions engage it is always on the approval of your existing trusted advisor and accountant. If there is no financial benefit to you, approved by your accountant, Wilmslow Tax Solutions will not waste your time. Also please note that if we don’t find £25,000 of additional claims we will provide the report for free.

In reality you have nothing to lose by reviewing your current position. Capital allowance claims are easily addressed on a stand-alone basis and can be dealt with separately to other tax matters.

2. What if it leads to an enquiry by HMRC?

Firstly capital allowance claims are legitimate forms of tax relief as documented in the Capital Allowance Act 2001. As a result HMRC are used to dealing with these claims and typically if the inspector involved has an issue he will bring in property specialists from the Valuation Office Agency.

Areas which may be looked at include the definition of plant and machinery claimed for and the final valuations if they have been apportioned. However, this is a straight forward negotiation and Wilmslow Tax Solutions will support you to conclude this in a satisfactory manner for all parties.

Many precedents and HMRC guidelines ensure that standard forms of calculating claims have already been agreed. Wilmslow Tax Solutions expertise is in making sure your claim conforms to these guidelines.

3. I did not buy my property in this tax year but several years ago. Can I still claim?

Yes. As long as you own the asset in the tax year that you are making the claim.

4. How will capital allowances benefit me or my business?

Whether you are profitable or not it is always advantageous to identify capital allowance qualifying expenditure for the following reasons:

  • If you’re not profitable in certain cases it is possible to defer the reliefs until they are required
  • If you are profitable then capital allowances can be off set against other income or profits possibly even across other companies in your group if applicable
  • Capital allowances may result in significant tax rebates from HMRC

5. Will this affect my capital gains tax or reduce the value of my property?

No. If you sell the property in the future it does not affect your capital gains liability or reduce the value of the property.

Any remaining capital allowance pool can be retained on sale of the building or sold on with it making for an additional and possibly valuable negotiating tool.

 

Our Promise...

If we can’t find more than £25,000 of capital allowance claims we will not charge a fee!

If you want to know more about our pricing, please contact us.