Tax back for business

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