Hundreds of thousands of UK small business owners may be due
a sizeable tax rebate from HMRC, according to a number of tax specialists. Any
company that owns commercial premises has a high probability of receiving a capital
allowances tax windfall to the tune of thousands, or even tens of thousands of
pounds.
Research from accountancy firm Deloitte confirms that in
nine cases out of ten, capital allowances reports will uncover a tax rebate for
the owner of a commercial property. To date, it is claimed that the rebates have been recovered
in the region of £25,000 net for smaller
UK
commercial property owners, with the biggest tax rebate more than £10 million
net. Because claims can be made historically, estimates suggest that
there is £65-£70 billion of net tax rebate lying unclaimed in the UK 's commercial
property stock.
Smaller businesses that own commercial property are most
likely to be due a rebate as their accountants will often not understand the
intricacies of capital allowances and how to uncover them. For obvious reasons,
HMRC isn’t shouting about it from the rooftops, either.
Many accountants appear to be too embarrassed to approach
their clients about the issue, as this is something they should have alerted
them to years back. The truth is that often these allowances are too complex
for smaller accountants to understand but a cheque from HMRC would be a real boost
at present.
APA