A Horsham tax specialist has managed to slash a West Sussex care home’s tax liability by more than £100,000.
All but four in every 100 commercial property owners either fail to claim all the capital allowances they are entitled to, or fail to claim for them at all, Stax director Andrew Stanley reveals.
“Even if there is no intention to sell the property, it still makes sense to seek advice on this often forgotten aspect of asset value,” he said.
“The average claim is 25 per cent of the freehold value and this can resulting a massive reduction in current year tax liabilities, a drop in future tax bills and can even justify a rebate on past tax payments.”
For a business facing financial challenges, the potential exists to release tax value from its existing assets, which can eliminate tax liabilities and provide the breathing space to steer back on track.
On acquiring a care home, owner Robin Roopun went to STax after previous advice from solicitors.
Mr Roopun said: “They didn’t give up when matters became complicated – as others had – but worked hard on my behalf and saw what others did not see. I am now due to save over £100,000 in capital allowance claims and have already recommended STax and will continue to do so.”