We are specialist Capital Allowances advisors offering a tailored service from tax planning through to claim submission and agreement and negotiation with HMRC to due diligence on acquisitions, cash flow saving forecasts for investment agents, cost plan estimates for quantity surveyors, CPSE service to lawyers and creation of new efficient Capital Allowances automated systems to suit client reporting requirements.
Capital Allowances and Benefits
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Offshore Property Trusts
We work with a number of offshore property trusts advising their clients on Capital Allowances, not only for current expenditure but also reviewing historic expenditure which has unrelieved Capital Allowances due to the tax structures and liabilities in place at the date of the purchase or capex works.
Historic CA Expenditure Review
There is no time restriction to review historic expenditure for Capital Allowances purposes and many property owners, occupiers and investors are unknowingly sitting on unrelieved Capital Allowances to offset against current tax liabilities. Veritas have created a service to unlock these allowances even where records of historic costs are incomplete.
Structures and Buildings Allowance
Structures and Buildings Allowances applies to expenditure incurred for new construction contracts entered into after 29 October 2018 and provides a 3% writing down allowance against expenditure which was previously non qualifying for Capital Allowances.
The relief though is not as straightforward to calculate as perceived by many, especially where properties are multi let or multi use, and there are various requirements to be met to enable a claim to be made.
- Land Remediation Relief
Development & Refurbishments
In addition to claim preparation and submission for new development, fit-out or refurbishment expenditure we can also provide the following advice to ensure maximisation of Capital Allowances:
- Design Stage Estimates incorporating cash flow forecasts
- Capital Allowances wording for Tender Documents
- Advice on Landlord / Tenant Capital Contribution Wording
- s25 works
- Capital v Revenue expenditure
In order to comply with the s187a and s187b Capital Allowances Act 2001 requirements it is necessary to carry out timely due diligence exercises, on behalf of both the seller and buyer, to ensure the Capital Allowances position is satisfied and to avoid potential deal delay.
Capital Allowances are often missed on transactions due to failure to identify claim opportunities and facilitate adequate contract wording. Such instances include:
- s198 & s183 Election drafting
- Review and entitlement of s181 works
- Analysis of Capital Contribution works
- S562 apportionments v Fixed Value
- Flipping of Industrial Buildings Allowances
- Connected party transfers
REIT and PAIF Compliance Service
We understand that the benefit of Capital Allowances to PAIFS and REITS is different to tax paying entities and as such our service is tailored to suit the compliance and reporting requirements of the PAIF and REIT legislation, without detriment to maximising Capital Allowances and fulfilling the Capital Allowances legislation requirements, especially with regard to s187A & s187B CAA2001.
Authorised Contractual Scheme ACS
Veritas has developed the first Capital Allowances reporting system of it’s kind to support the outturn requirements of an Authorised Contractual Scheme, per unit holder, per day, per property. In addition to creating the automated reporting document we can provide the following ancillary services:
- Ongoing project monitoring
- Incorporation of property additions and disposals
- Claim production
- Annual review of ACS
Our portfolio service extends from reviewing all historic expenditure, capex and acquisitions, analysing ongoing current expenditure plus due diligence advice and tax planning for future acquisitions and development and refurbishments.
As part of our service we provide client reports outlining the benefit identified, legal entitlement to claim notes and cash flow saving forecasts against fees incurred. Fees are only charged where there is a material benefit realised by the client.
Veritas has created an integrated approach to answering and fulfilling the CPSE requirements for Capital Allowances on behalf of vendors, lawyers and property owners.
The service, undertaken by Veritas Directors, saves both time and expense of lawyers carrying out the same role and needing to refer to specialist Capital Allowances advisors throughout the process to ensure that the answers provided are sufficient to comply with the legislation requirements
GP Practices and Medical Centres
Veritas are currently advising BUPA, accountants and many GP Practices across the country to help reduce the costs of their developments, refurbishments and fit outs. The cash saving is significant, equating to 45p in every £1 spent for GP Partners, helping projects with funding gaps become viable.
Maximising the Capital Allowances is not straightforward and consideration needs to be given to allocate NHS grant monies to non qualifying assets, recovering irrecoverable VAT, wider business expenses such as move costs and direct expenditure, identification of all ancillary costs and also timing of expenditure.
Contact us for an initial free assessment of your premises works and how best to either tax plan for future works or recover missed reliefs against historic expenditure incurred over the years.
Nursing and Care Homes
Veritas recognises the significant tax breaks available to Nursing and Care home owners, whether it be a purchase, refurbishment or extension, and have experience on all types and sizes.
We understand the qualifying criteria and use our surveying expertise to identify and quantify the maximum capital allowances available.
0203 793 7154
Accountants in Partnership
We work with many accountants providing them with the valuation expertise on property for their clients. Veritas carry out the due diligence on acquisitions and sale including contractual advice, land valuations necessary to support any claim and estimating building and plant and machinery without detailed costs using our surveying skills.
We are keen to develop further relationships and provide technical updates and helpline to our partners.