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Entrepreneurs Panel

Debbie Pierce
Richard O'Sullivan
David Pollock
Tony Caldeira
Steve Purdham
Charlie Mullins
Jennie Johnson
Julie Meyer
Michael Oliver
Jeremy Roberts
Brian Hay
Laura Tenison

Capital idea

Business owners could be missing out on thousands of pounds in tax relief on the purchase, construction and refurbishment of their offices, accountants say.

A proportion of purchases claimed for under a company’s capital allowances can be deducted from its taxable profits to reduce its corporation tax bill. These amount to between ten and 40 per cent of the purchase price or construction cost and cover many items of which entrepreneurs may be unaware.

There have been 21 changes to the capital allowances regime in the last three years and items now qualify for relief that were previously excluded including wiring, electrical systems, lifts and air cooling systems. Tax refunds may also be available as the relief can be carried back to previous years and offset against taxable profits.

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Five Minutes With

David Hughes sums up his entrepreneurial career to date thus: four spectacular successes and two failures. He founded the sports retailer Allsports and achieved turnover of £180 million before a vicious price war meant decline, administration in 2005 and a sell-off to rival JD Sports.

It took Richard Shonn, managing director of 151 Products, three years to find a warehouse big enough for his requirements.