Our client is a sophisticated property investor with a portfolio in excess of 100 commercial buildings spread across England and Scotland.
The portfolio is housed in multiple companies owned by the client with varying tax and accounting structures in place. Properties included multi-building office complexes, retail units, town centre shop parades, cafes and industrial buildings.
In the first instance, we undertook a review of the client’s financial structure in order to ensure that there was a valid claim for, and a significant benefit to be derived from, capital allowances. The due diligence process on each property then started, requiring us to access a number of
private commercial property databases as well as collate all relevant legal information.
We were able to provide the client with an accurate assessment of the estimated value of the claim and the dates on which these savings would be realised.
By making arrangements directly with the tenants, we undertook a physical inspection of every single property – as far north as Fort William and as far south as Bournemouth. Having completed these capital allowances surveys, we started the detailed analysis of incurred expenditure and cost data.
Our final reports were structured in a way that was suitable for HMRC submission. After explaining the report to the client’s in-house accountant, we provided them with the correct unclaimed allowances figures to be included in the next tax return and were on hand to answer any questions.
As a result of our exercise, we were able to identify unclaimed allowances in excess of £30m for the client and agreed these with HMRC without concession.