Background
Treforest Veterinary Clinic has been serving the community of Pontypridd for over 30 years. The Vets offers services from check-ups, vaccinations, microchipping, neutering and dentistry. The property was purchased in 2012 for £150,000.
£37,500
Capital allowances uncovered
£7,000
Unlocked in total tax savings
£2,000
Cash rebate (after fees)
What owner Mr O'Donnell said . . .
“I was initially unsure when first contacted as I thought my accountant usually dealt with things like this. They showed me the process and arranged everything without needing much from me . The whole process was easy and I received tax back from HMRC which I had no idea I was entitled to’’
Overview of the claim
Mr O’Donnell authorised our tax team to conduct further investigations and confer with his accountant after realising that no embedded capital allowances claim had previously been made for the property. A technical site survey from one of our expert in-house property surveyors identified over £37,500 in unclaimed allowances which equated to approximately 30% of the building’s original purchase price.
Qualifying items
Qualifying expenditure acquired with the purchase of the property included electrical, heating, water and ventilation systems, kitchen fixtures, toilet facilities, disposal and sanitary installations, ironmongery, fire and lighting protection and telecommunications. This generated a substantial amount of tax relief for for the veterinary practice, which enabled the company to reclaim thousands of pounds in overpaid corporation tax from HMRC. The owner also received a cash tax refund of almost £2,000.