Owners of commercial properties in Northumberland could be missing out on £43.5million in tax rebates for unclaimed capital allowances on fixtures and fittings, a professional adviser has claimed.
Portal Tax says that capital allowances are an often-overlooked tax relief which applies to fixtures and fittings that do not form part of the fabric of a building.
Allowances can be claimed on a wide-range of qualifying items such as electrics, carpet, air-conditioning, lifts, and any other improvements that are not deemed part of the physical construction of the building.
They are often overlooked as they don’t normally form part of a business’s annual financial accounting.
Portal Tax’s analysis suggests that businesses who submitted capital allowances claims to HMRC in 2012 received an average tax relief payout in excess of £36,000.
The top-five items on which tax has been claimed back are ironmongery, sanitaryware and plumbing, power, data and light fittings, floor coverings, signage and wall finishes and fire, communication, security and heating and cooling systems.
Call 0845 000 0450 or visit www.portaltax.com