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Entrepreneurs Panel

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

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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