Call Me Back

Capital allowances

UK’s premier property tax advisers & accountants, providing services related to Capital allowances

Capital Allowances allows tax-payers to write-off the cost of specific capital assets against taxable income. They take the position of depreciation charged in the books of accounts, which is not, in general, deductible for tax purposes. We help businesses claim capital allowance when assets are bought for business purpose, for example, business vehicles (Lorries or cars), machinery, and equipment usually referred to as plant and machinery.

Capital Allowances on UK Property Transactions

Businesses can deduct all or certain value of the item from the business profit before paying tax. A simpler system, known as cash basis, can be used by sole traders and partners having an annual income of £83,000 or less.

Usually, the value of an asset is the amount paid for the asset. We use the market value if an individual owned the asset before using it in the business or if the asset is a gift. Additional business costs that can be claimed, despite being cost of things that are not business assets include; daily business running costs, and interest payments for buying assets. Our learned team helps businesses claim these costs as business expenses if an individual is a sole trader or partner, or deduct from profits as a business cost in case of a limited company.

Apart for plant and machinery, Our Property Tax Accountants help claim capital allowances to renovate business premises in destitute areas of the UK, research and development, extracting minerals, intellectual property know-how, patents, and dredging.

If a new purchased asset qualifies for first year allowances the entire cost can be deducted from profit before tax (PBT). In addition to annual investment allowance, the first year capital allowance can be claimed.

Also, businesses can claim a type of first year allowance known as the ‘enhanced capital allowance’ for the following equipment

  • Some cars with low CO2 emissions; zero-emission goods vehicles
  • Plant and machinery for gas refueling station, for example pumps, storage tanks
  • Energy saving equipment, for example, certain motors
  • Hydrogen, biogas, and gas refueling equipment
  • Water saving equipments, for example, meters, taps, and efficient toilets

 

We help work out the capital allowance; sole traders can claim on their self assessment, partners can claim on their partnership tax return, a limited company through a company tax return. For employees, the claim amount can be deducted from the profits.

To claim the full value under first year allowance or annual investment allowance, we can also help claim allowances in the accounting period when the asset was bought. In case the entire value is not to be claimed, part can be claimed using writing down allowance and this can be done until the asset is owned.

square-office

What we do?

  • Help businesses claim capital allowance when assets are bought for business
  • Help sole traders and partners with a simpler computation system, known as cash basis
  • Advise on all aspects of allowance computation

The date of the asset bought is:

  • When the contract is signed, if payment is payable in less than 4 months; or
  • When payment’s due, if it is due after 4 months

Expert support around the UK

Our expert business team is always available to answer your questions and give you advice.

customers
10000 +

Clients

office-building
20 +

UK Offices

expert
80 +

Experts

See how dns can help You today.

Our team of Property Tax Accountants comprises with many years’ experience in the industry. We take pride in our many years of experience, as well as the diverse backgrounds of our team members. With former property lawyers, accountants, and financial advisers on board, we can assure you that our advice is of the highest quality and expertise.

Give us a call today on 03300 575 902 to speak to our advisors, we'll find the right accounts & tax solution for you.
Request a Callback

Award winning experts trusted by many

We're proud of our clients and their success. Find out more about them and the help and support we provide.

1

British Accountancy Awards

2

The Londan Asian Business Awards 2019

3

Investing in People Awards 2019

4

British Accountancy Awards 2018

5

Accounting Excellence Shortlisted Awards 2018

6

British Accountancy Awards 2017

7

The British Accountancy Awards 2013

8

The Contracting Awards 2019

9

British Accountancy Awards

10

The Contracting Awards 2020

11

The Association of Company Registration Agents

12

Accounting Excellence Client Service Awards 2020

13

Accounting Excellence Investing in People Awards 2020

14

The Contracting Awards 2020

15

The Contracting Awards 2020

16

Advisor Software Partner

17

The Contracting Awards 2020

Trusted reviews

Our goal is to provide the best service to all our clients, all the time. Read what our clients say about us.

I am writing this email as a token of appreciation for Manish Garg, who is our lead accountant for the past...

Ambarish V

We work with DNS Associates for 4 years now and we always had a feeling that our problems and questions are top...

Max Floor UK

DNS Associates provides cost effective and very professional services. My accountant Sneha Gurudutta has been...

Jivan Sharma

Very professional and efficient team. I will highly recommended to all small or big business owners...

Jhon Gill

I’m a new client and Debangshu Sarkar has been reliable, timely and informative to date. Very impressed...

Freddie Sam Webber

Excellent services, my account manager Amit Gupta always there for me, excellent work on time and take...

Ghofran Abdelrehem

I recently starteed my own company and in need of a good accountant. With my friends reference, I started...

Sateesh B

I have been using DNS Services over a year from setting up my company till date. They are extremely professional...

Satya Suresh

Software We Use

We use wide variety of softwares to manage your accounting and bookkeeping.

Contact Us

Head Office:
dns property tax services Pacific House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP