Accountants save clients £1m of tax in two years
A firm of chartered accountants has proved to be one in a million after saving its clients a combined seven-figure sum of tax over the last two years.
Lang Bennetts Chartered Accountants, which has offices in Truro and Falmouth, has recouped the money for its happy clients through the Government’s capital allowance scheme.
The firm has dealt with capital allowances on integral features in buildings totaling around £4 million, saving an estimated £1 million of tax for its clients.
Paul Burrows, manager at Lang Bennetts, said: “There has been a great deal in the media about large corporations avoiding tax over the last year or so.
“This is different. This is a Government backed scheme that is designed to encourage business owners who are able to make a claim, to do so and then to reinvest in other areas of their business.
“For us as tax experts, this is great news and we have seen our clients invest in more staff, increased wages and business expansion.”
Under the scheme, the Government actively encourages businesses to claim capital allowances on integral features.
Paul said: “When most people think about capital allowances they normally think about plant and machinery.
“Most people don’t know they are able to claim allowances on these items, but it is worth investigating as we have identified approximately £4m of previously unclaimed allowances in the last two years.
“It covers items that have been installed during construction, such as electrical and water supplies, lighting, lifts, heating and cooling installations, and sanitary wear, such as toilets and sinks.”
In order to make the claims, Lang Bennetts work with a firm of specialist surveyors.
Government rules allow any property purchased before April 2014 to be assessed for a claim.
For more information and to find out if you are eligible to claim please contact Paul Burrows at Lang Bennetts on 01872 272047 or visit www.lang-bennetts.co.uk.