‘Building’ Your Tax Relief
It’s very common for clients to construct new commercial premises whether that is a factory, office, shop, cold store, shed etc. Despite a lot of publicity in this area, many businesses are still unaware of the huge tax reliefs that may be available for a building project.
We would recommend that you take advice from your tax adviser, or you can call our Commercial Property Taxperts, for guidance at the point that your project is gathering quotes for the work.
If you can secure quotes with detailed breakdown of costs, then your adviser can take a highlighter pen and check each of the costs line by line to secure the best tax outcome for you. Amongst the tax reliefs you might be able to secure are:
- Items that qualify for plant and machinery, some of which might secure the super-deduction at 130% or perhaps the Annual Investment Allowance (AIA) at 100%.
- Integral features (which may secure 100% relief also) which might include costs such as air conditioning, electrical systems etc.
- Structures and buildings allowance for certain costs.
If this work is not done at the planning stage, then your business may miss out on incredible tax savings.