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Businesses have been advised to get their unclaimed tax allowance back from HMRC. Experts have advised companies to claim some much needed, rightful revenue in the form of unused capital allowances.
Concerning capital allowances, Rift UK and Portal Tax Claims have both said that most of their clients are not aware of the claims they are legally entitled to.
Portal Tax Claims have said that the majority of businesses can claim at least a quarter of their property’s price in the name of capital allowance. The amount of unclaimed tax relief pounds has in fact soared into the millions mark.
Amongst other things, machinery, plant fixtures and even features that are part of the building can be claimed for.
Jeanette Edminston, the technical manager at Portal Tax Claims claimed the problem was due to a lack of education on the realities of what can be claimed in tax allowances.
“The definition of items that are claimable encompasses a far broader range of things than most think,” she said. “Businesses can often make a real difference to their margins”.
In an accounting year, companies are actually about to claim a whopping 100 percent relief for the first £25,000 spent. Subsequently, 18 percent of plant and machinery can be claimed – includes fire protection systems, conveyors, and stand-alone fans amongst other things.
Furthermore, 8 percent of allowances for things such as vital features which constitute part of a building or kitchen and bathroom fittings can be claimed
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