Maximising entitlement to Capital Allowances can and should form a large part of a business’ tax strategy, and many claims are time limited.
There are many different kinds of Capital Allowances. We will help you navigate these and ensure that you are claiming what your business is entitled to.
Every business is entitled to receive full, up front tax relief on up to £1 million per year of expenditure on qualifying business plant and machinery, including commercial vehicles, fixtures, fittings and equipment/machinery. This increased limit has now been extended until at least 31 March 2026.
The temporary “super-deduction” for limited companies ends on 31 March 2023 and will now be replaced with “full expensing”, permitting companies to claim full relief on nearly all brand new machinery costs until 31 March 2026.
There are exceptions to this rule and we can help you to navigate the system and ensure you maximise the benefit for your business.
Over the last decade or so, allowances for motor cars have changed significantly as the government seeks to discourage more pollutant cars with high carbon dioxide emissions. As a result, the allowances available for petrol and diesel cars are now considerably lower than they used to be.
Conversely, in a bid to encourage take up of electric vehicles, 100% allowances have now been available for some time on new all-electric cars, and will remain so until at least 2025.
We can help you find the most appropriate car ownership policy for your business, considering both Capital Allowances and Benefit-in-Kind implications.
It is often possible to make valuable claims for embedded fixtures within a property when purchasing a commercial building, but there are strict rules and time limits which need to be carefully navigated, and usually you need co-operation from the seller to be able to agree an approach to maximise your allowances.
We can advise on how to maximise allowances on your property assets, and where appropriate, can partner with a good Quantity Surveyor to ascertain the qualifying elements of a property purchase in support of a claim.
Where you are constructing or purchasing a new build, or improving an existing building, we can also help you to harness Structures and Buildings Allowances which can benefit both you and future owners of the property by way of a tax saving spread over 33 years.
If you need guidance to meet your business goals, call us today to find out how we can get you on the right track.
James Geary has assisted me with planning a number of corporate restructures both for my business and for a few of my clients. He has the ability to consider the goals of all concerned to come up with a solution which not only works for everyone, but maintains tax efficiency and has always managed to secure the necessary advance clearance from HMRC without any hiccups. Very responsive and thoroughly recommended.
The team helped select case studies to best illustrate the research and development elements of what we do and assisted at every stage of making a submission. I can’t recommend them enough.
I’d like to say a big thank you to Shaun Pegler and the team at Randall & Payne for always being there and for the invaluable support they give to me and the Applied Change team. They regularly go above and beyond and recently have delivered quickest turn round in year-end accounts so far, including an R&D tax credit. In my case, they haven’t just talked about clients’ success they have actually delivered it, time and time again and in all areas of finance, from tax to payroll to year-end and now book-keeping too. Thank you all and looking forward to continuing to raise the bar together!
We instructed James Geary at Randall & Payne to redistribute some shares for our small business after finding him through one of his blog posts. Not only did he advise us on what we needed in a clear and simple way, he answered all our questions quickly and in a friendly, non-condescending way. The price was very reasonable for the service we received. James went above and beyond, and even liaised with our accountant on our behalf. We would recommend Randall & Payne, and especially James for his knowledge and professionalism, and the ease of working with them.
Randall & Payne have been our accountants, auditors and financial advisors for well over 25 years and continue to be a trusted partner. They act quickly and efficiently, covering all aspects of the fiscal side of our business, including administering our payroll, looking after our tax affairs, year-end accounting and financial planning. As we look to the future, we are happy in the knowledge that Randall & Payne will be working with us to face the challenges ahead.
I wasn’t aware of R&D before engaging with the firm and they guided me through the process brilliantly, extracting the right information and presenting it in a way that was successful. Nothing was too much trouble, even jumping on a screen share with my current Accountant to do things I don’t need to understand! Was delighted with the service as well as the lovely refund we received, and will happily (and frequently do!) recommend them to anyone!
I have been a client of Randall & Payne’s for many years now, both for personal and company accounting services, and I cannot fault them. The firm is excellent across the spectrum, from business leadership coaching and financial planning to practical tax advice. I feel I know the advisers personally now and am always met with the same level of professionalism and friendliness. Even when I feel I may be asking very ‘simple’ questions, they still make me feel valued.
Officeworx Ltd have been using the services of Randall & Payne for 25 years. In this time, they have supported us with everything from our standard year-end accountancy through to business advice, consultancy, acquisitions and mergers. They have experts for every requirement and offer a wide range of services. With the team at Randall & Payne behind us, we can get on with doing what we do best – running our business.
The Partners and team at Randall & Payne simply gave us what we needed to turn our plans into reality. We are excited about the future and are already working with them on the next three-year plan.
