Real Estate taxes
Substantial tax relief can be available by making the most of your capital allowance claims. Fixtures in a commercial building (or multi-unit residential property) can give significant tax savings and should be factored in when structuring an acquisition. The capital allowances rules are complex, and they are partly in statute and partly in case law. Sometimes you may want to make elections on a property purchase/sale to get the best tax treatment – the election is often required at the time of the deal.
Capital allowances
The Crowe team have helped us on every step of our adventure from providing timely information, their quality and speed of service, as well as their approachability and ‘can do’ attitude was much appreciated. We would definitely recommend Crowe to others. Thank you for helping us save time on compliance and provide assistance with reports.
Case studies
Minimising tax and compliance risksA client with a turnover of £10 million needed support understanding their tax risks. We established that certain processes concerning the Construction Industry Scheme had not been followed correctly and that the tax status of a number of workers needed clarification as to whether they were genuinely self-employed. |
Acting as an advocate to HMRCHMRC challenged a taxpayer’s categorisation of properties between investment and stock, seeking to reclassify a number which would give rise to substantial UK tax costs. |
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| These two issues left the company potentially exposed to a £350,000 tax liability and risked the loss of their gross payment status. As a result of our work and research, the company is no longer under review by HMRC. | After correspondence and meetings with HMRC, we settled matters with no tax liability arising. |
