Reduced tax bills for HMO - Multilet owners who can save many thousands of pounds.
The first reactions from Property Investors hearing about Capital Allowances are that they sound too good to be true and that, "surely my Accountant has identified them for me?"
Well, firstly they have been around since 1878 and are not a tax loop-hole or tax avoidance scheme. If you own a business commercial property, including an HMO or Multilet, you are entitled to claim Capital Allowances for them. The HMRC said recently that over 90% of commercial property owners have not claimed their Capital Allowances. Are you one of them?
Secondly, the process of valuing the likely tax savings has to be completed by Capital Allowance experts who need to send Surveyors into the property to assess the "plant & machinery" - fixtures and fittings - assets etc. that are in the fabric of the building. They then prepare a typically a ten page report, with photographs, plans and a detailed analysis of all the qualifying assets that will satisfy the HMRC guidelines on submitting Capital Allowance claims. We have a 100% success record. Have you had such a survey? If not you are missing an opportunity to save paying too much tax.
This is a very specialised tax service that many accountants simply outsource to us in order to help their clients. We can help you submit a claim, or work with your accountants to work out how much tax and money you can save, either as a tax rebate now or off-set over future years.
Clearly everyone's tax situation is different and we invite you to ring us in confidence for a brief discussion of your current investments. We just need preliminary details in order to prepare an illustration of the likely tax savings to you. Share with us your property address, type of business - Multi-let, HMO, student let, holiday let etc. Date of purchase and the price paid plus the value of any improvement work you have carried out.
Have a look at our website to see successful claim examples of the tax saving benefits we have achieved for our clients.
When you (and your accountant) decide to go ahead, we need an engagement letter to be signed which gives us the authority to contact the Land Registry to ensure no previous claims have been made, we will then visit your property and survey the qualifying assets, then prepare a full report for submission to the HMRC.
The whole process typically takes about 8 - 10 weeks, we always involve accountants and there will never be any costs incurred to you. Our fees are generated out of a small %age of the claim value on a 'no claim - no fee' arrangement.
To complete an illustration form of your likely tax savings on your investment property please either ring us on 01327 340408 or email us your details on bill@hmotax.com
It is important to realise that we guarantee our work for our clients for 6 years. As Chartered Accountants we have full PI cover for every claim we submit to the HMRC. We have a 10 year record of 100% success. There is no cost or risk to you at any time.
P.S. Do you buy or sell HMO or commercial property?
If you do are you and your solicitor aware of S198? (of the 2012 Finance Bill). This is now an enforceable law about claiming Capital Allowances which could cause you to lose significant tax saving benefits at the point of closing a transaction. Give us a ring for some independent, qualified advice on 01327 340 408
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