Along with determining whether a person is eligible to claim capital allowances comes the step where an accountant will analyse specific expenditures to know if they qualify for capital allowances. So, what qualifies for capital allowances and what doesn’t?
Again, the general principle applies here that the specific asset being evaluated must be under the person’s ownership to be eligible for capital allowances. This covers general equipment used for work or business operations, fixtures like electrical and heating systems, lifts, among others.
Do take note that there are also capital expenditures that do not qualify for capital allowances. Regulations on capital allowance can also vary depending on the specific costs being evaluated.
Knowing what specific expenditures quality for capital allowances is extremely helpful, whether you’re making a claim for the very first time or you’re already claiming capital allowances commercial property. Having a skilled and trusted specialist from Curtis Plumstone ensures that the actual extent of what you can claim is determined, and therefore you can take advantage of that tax relief or rebate.
