What are Capital Allowances?

Eureka Bulb Icon Blue

Capital Allowances are an expenditure that you or your business may claim against its taxable profit. Capital Allowances may be claimed on assets or items purchased for use within your business; Items that are essential to the running of the business. HMRC explains here what you can claim for altogether.

Some essential items are known as ‘fixtures’ and capital allowances can be claimed on these (not the fixtures and fittings normally agreed with a sale). Unbeknown to most is that tax relief can be claimed on fixtures that were already in the building when you bought it, and can also be claimed on fixtures added since acquisition.

We know the subject of tax can be daunting for a lot of people, so you can leave that to us.

Heating Systems Icon
Heating Systems

-

Lightbulb Icon
Lighting Systems

-

Ventilation Icon
Ventilation

-

Fire Alarm Icon
Fire Alarms

-

Ironmongery Icon
Ironmongery

-

Swimming Pool Icon
Swimming Pools

-

Pipework Icon
Underground Services

-

House Icon
and much, much more

-

UK Tax Legalisation allows owners to claim tax relief on these items even if they were ‘fixed’ to your property before you bought and in some cases, even if the original fixtures have been repaired or replaced.

Still have Questions about Capital Allowances Tax?

You can view our FAQs here, or pop us your email and we’ll be back in touch for a no-obligation chat;