UK vet practices could claim back tens of thousands of pounds using capital allowances, but often miss out because they lack the necessary expertise to make a claim.
UK veterinary practices of all sizes are being told they could claim back tens of thousands of pounds using capital allowances, but often miss out because they lack the necessary expertise to make a claim.
Capital allowances allow businesses to deduct the costs of certain capital assets from their taxable income, and can be claimed on anything from the plumbing, electrics, carpet, air conditioning, signage and lifts to fire safety – not just office furniture and computers.
Also, according to Portal Tax – a specialist in the field of capital allowances – the 2012 Finance Bill means that business owners can claim both current and previous installations against tax. However, if they do nothing, a future owner of the property may benefit instead.
Portal Tax managing director Shaun Murphy said: “In the current climate vets – in whatever size of practice – need to save every penny that they can and, at the moment, most are unaware that such valuable capital allowances are waiting to be claimed.
“Literally hundreds of billions of pounds are due to vets that own their own surgery, but most lack the necessary expertise to make the claim, which can be a complicated process.”
The top ten items by volume on which tax has been claimed back are:
- Ironmongery (including closers, latches, locks, etc.)
- Sanitaryware (including WCs, basins, second fix pipework etc.)
- Power, data and lighting fittings (including sockets, switches etc.)
- Floor finishes (including carpet, vinyl sheet etc.)
- Hot and cold water equipment (including pipework, tanks etc.)
- Wall finishes (such as ceramic tile splashbacks)
- Fire, communication and security systems (such as alarms, cameras and other equipment)
- Heating, cooling and ventilation systems (including air conditioning, radiators, boilers etc.)
- Workplace lighting (usage dependent)
Portal Tax estimates that 96% of businesses that own their own properties could be owed a refund.
The company has helped businesses to maximise any capital allowance claims on their commercial property – on average, £105,000 for each business. In fact, Portal Tax is so confident in its ability to help businesses that, if it doesn’t find allowances to the value of at least £25,000 (subject to terms and conditions) then a fee will not be charged.
Mr Murphy said: “As we only make a charge if successful, we would urge any vet owning a business to give us a call as they have nothing to lose and have potentially tens of thousands of pounds to gain.”
- For further details, call 0845 000 0450 or visit www.portaltax.com