A local property tax consultancy is celebrating after identifying a milestone amount of tax relief savings for its commercial property clients.
Wolverhampton-based Six Forward, an independent property tax specialist, has helped clients including solicitors, accountants and investors find more than £15 million in capital allowances tax relief on commercial properties since 2010, and whilst this amount is significant, the firm looks set to exceed this and find another £20 million in 2014 alone.
Capital allowances remain one of the most legitimate forms of tax relief available to property investors, but there is often confusion around the type of assets that qualify, with many investors missing the opportunity to claim because of inaccuracies made during the transaction and valuation process. Utilising the skills of an expert team of in-house tax specialist and surveyors, Six Forward has consistently identified tax relief opportunities and entitlement claims for its clients, which might otherwise have been overlooked.
Jake Iles, Director at Six Forward, explained: “We’re really pleased with the tax savings we’ve helped our clients obtain over the past few years, and perhaps more importantly that their tax positions are safe and opportunities aren’t lost going forward. We have supported a whole host of sectors with tax relief claims, from hotels, restaurants and bars, right through to dentists, care homes and retail outlets, and these will all benefit from the £20 million this year.
“Capital Allowance is a very valuable form of tax relief for commercial investors, but there is still confusion surrounding it, with many property and tax professionals not completely acquainted with the purchases or investments it applies to. We work alongside professionals who oversee the buying and selling of commercial property, and help them ensure their clients access the claims they’re entitled too.
“We’re proud of the support we’ve provided our clients over the past few years. We are look forward to this year and continuing this success in the future. Even as new legislation is introduced, our skilled team are fully conversant with all up-to-date HMRC and Valuation Office requirements, which ensures our clients won’t lose out or miss any opportunities to claim,” Jake concluded.
