Capital Allowances for Professionals
Curtis Plumstone Associates work closely with Accountants, Tax Advisers, Solicitors and other professional advisers to both manage risk and achieve valuable tax savings for their clients. The Finance Act 2012 has made the “buying” and “selling” of commercial property even more of a minefield for professionals who are expected to advise their clients. Solicitors in particular will need support and a greater understanding of the Capital Allowances regime if they are not to leave themselves open to litigation at a future date.
Capital Allowances for Accountants
Our preference, wherever possible, is to work directly with accountants who can introduce our services to their clients. We are very aware where an accountant introduces us to their client our services need to be highly professional and efficient to reflect the professionalism of the accountant.
We do not provide services which will conflict with accountants or tax advisers so there is no downside to referring clients into our services. Accountants and tax advisers are able to contact us for free capital allowances advice as we only make charges where we undertake an actual claim. We now provide CPD seminars for accountants and tax advisers throughout the year.
Capital Allowances for Solicitors
With the changes which were brought in by the Finance Act 2012 it is now more important than ever that solicitors are aware of their legal obligations when advising clients who are either purchasing or selling commercial property. In the past we have seen evidence of solicitors trying to exclude any liability for capital allowances advice in the conveyancing process. Despite this we are aware of solicitors having to settle out of court where clients have discovered they have lost out on significant tax savings because they received poor or non-existent advice from their legal representative.
We would advise solicitors to be take professional capital allowances advice as soon as soon as possible within the conveyancing process to ensure their clients interests are legally protected. We can provide such advice including when it is or isn’t appropriate to complete a Section 198 / 199 tax election agreement as part of a commercial property transaction.
From April 2014 a capital allowances review is being seen as “almost” a statutory requirement as part of the conveyancing process. Potentially the seller will have to pool capital allowances within their accounts before they are divided between the parties in accordance with the relevant tax election procedures.
We now provide an outsourced capital allowances enquiries service for commercial conveyancing solicitors. Please download this pdf to learn more about why this service is needed to manage the risks. Solicitors Guidance Capital Allowances Enquiries