After failing at and early age to make a living by playing guitar, I started a career helping clients to save money and become more efficient. In 2009 I set up Curtis Plumstone Associates to concentrate on undertaking Capital Allowances Claims on Commercial Property. My business partner is a Deloittes trained expert in this field and my job is to keep him as fully employed as possible on projects large and small.
Could I ask what is the nature of the business?
I own a capital allowances claims company (no offence taken). I would strongly advise against trying to undertake a claim yourself. In our experience HMRC love to jump on an accountant who has had a go at this themselves. Without giving away any secrets there is a well established process accepted by HMRC and the Valuations Office for undertaking a Section 563 Reasonable Apportionment of your purchase cost.
From a fees perspective we take a pragmatic approach with the client and ensure our fees are going to make sense in their particular tax circumstances. For smaller value purchases we regularly undertake claims on a desktop basis which reduces our costs but does require a little more support from the client i.e. internal photos and a scaled plan.
I would be happy to provide you with a competitive quotation. If interested please e-mail me directly at [email protected]. Apologies if this counts as a marketing response.
Just a selfish thought but as part of the incorporation why don't you explore whether a capital allowances claim has been undertaken on the "fixtures" heating, electrics etc before. This could help reduce your clients tax bill considerably over time. Again "shameless self promotion" but here is a link to a blog I wrote sometime ago on the subject. http://www.curtisplumstone.com/capital-allowances-claims-guesthouses/
You have to wait until you have a qualifying trade so will not be able to claim anything until it has been converted. We can help with producing the relevant claims report if interested please PM me. Thank you.
Thank you for taking the time to respond. Your guidance is much appreciated.
Yes this is the point where I got stuck. The legislation only referring to person not persons in terms of "common control". However my gut instinct is telling me that HMRC, if asked, would extend that to persons especially where all four shareholders are the same. Would you in these circumstances advise the client that it is acceptable to claim AIA for each company but that it could be challenged by HMRC?
I'm sorry. Do you say to every accountant who asks a question "surely we should be coming to you as an accountant to answer this question? "As you can see from the responses below the legislation is not entirely clear otherwise I wouldn't have asked the question.
I just wanted to add that capital allowances will no doubt be available on the original purchase of the property and the "fixtures" within it including integral features. This is why I suggest you may need a specialist to maximise the claim above that which you maybe able to identify yourself. John.
Yes you are correct that there is no time limit on claiming capital allowances provided the fixtures are still in use within the trade in the year in which they are claimed.
We have a lot of experience in undertaking claims for Fhl owners and would be happy to provide an estimate for undertaking the work. If you would be interested to discuss please PM me with your details.
Thank you. John.
My question would be why would you not want it to qualify as an FHL given that there are specific tax advantages?