Significant tax savings are lost every year because claims, prepared by property professionals who do not understand tax or by tax accountants who do not understand property, are often not sufficiently substantiated and not prepared in accordance with the current legislation.

The legislation and case law surrounding capital allowances has become increasingly complex and recent changes to the Finance Acts continue this trend. As a result there remains significant scope to maximise capital allowances and minimise tax payable.

With the advent of Corporate Tax Self Assessment (CTSA) it is more important than ever that there is a properly planned and co-ordinated approach to capital allowances. The introduction of CTSA has increased the importance of ensuring accurate records are maintained for capital allowances purposes to enable companies to make correct and complete tax returns.

PTC’s approach is to prepare aggressive but fully defensible capital allowances claims utilising detailed substantiation for every claim. However, this will always be carried out in the context of maintaining the client’s tax profile with the Inland Revenue.