Capital allowances can be claimed back on capital expenditure incurred on commercial property. Eligible expenditure for capital allowances includes that spent on plant and machinery and integral features.
How does this affect my office refurbishment?
Douglas Home and Co can expertly identify costs that qualify as plant & machinery or integral features within your schedule of works. They can then allocate your spending appropriately, depending on the nature of the cost. Generally, for office refurbishments, 10-15% of the total spend can be claimed back.
Our tax expert and company director, Sheryl Macaulay, can calculate your potential capital allowances in advance of the project using quotations/estimates received, so you know the true net costs and most tax-efficient route through the project.
You may feel the cost of refurbishment is over budget, however by taking into consideration the potential capital allowance claim and potential reduction in corporation tax, the project could go ahead as you originally desired.
Sheryl can also suggest specific fixtures and fittings which can result in greater tax relief such as hard flooring over carpets.
How does this benefit my business?
By working hand in hand with Ultimate Outfitters they can send us the proposed schedule of work directly which is all we require to calculate your possible claim.
By identifying the capital allowances in advance of starting the project, you can decide whether to save this money or re-invest it to make the project even better.
Are all office refurbishments eligible?
No matter your size, scale or location if you are refurbishing your office or commercial property, it is more than likely that 10-15% of your project spend could be reclaimed as capital allowance relief.
Company director, Sheryl Macaulay, has worked with many different businesses within the industry. She has a wide range of experience in tax planning for companies, ensuring that they are as tax efficient as possible. She has extensive knowledge within specialist accounting areas such as capital allowances. Read more about Sheryl’s experience.
Douglas Home & Co currently have offices in Edinburgh, Kelso, Haddington, Hawick, Alnwick, Penrith and Melrose.
Our multiple locations allow us to locally cover key areas of the Lothians, South of Scotland and North England.
Our team can work remotely to help businesses across Scotland and the rest of the UK.