Millions going unclaimed in capital allowances

THE boss of a company specialising in capital allowances has warned many companies in the North West could be sitting on thousands of cash they are entitled to.

Mark Tighe, managing director of Catax Solutions, based at Altrincham in Cheshire says many businesses are unaware of how much tax relief they may be eligible for.

Mr Tighe says that since 2009 his company has identified nearly £17.5m of capital allowances in Manchester alone.

He said: “For anyone with a commercial property, it might seem like there is just one thing after another to consider, and one cost after another to bear.

“Owning a commercial property is time consuming and expensive, but there may be a considerable sum of money available to soften the financial fall in the form of capital allowances.”

“There are serious rewards to be reaped from dedicating proper efforts towards identifying your capital allowances.
 
“A staggering amount of tax relief is being needlessly lost year on year by commercial property owners. Since last April, it’s been estimated that UK commercial property owners, in general, have lost more than £1.6bn in tax relief.”

Capital allowances are a form of tax-relief that can be claimed by commercial property owners who might find that they incur capital expenditure when building, buying or refitting their property.
 
This could include lighting fixtures, lifts, heating, and pipework. Essentially, all the items that are bolted to the walls can be claimed on.