Because S198 elections are now mandatory this will impact on the service you provide as you will be called upon to be prepared to address capital allowances at point of sale, answering lengthy commercial property enquiries. If dealt with incorrectly the result could be a complete loss of allowances for current and future taxpayers who acquire that property.
It is therefore, now more than ever, absolutely critical to determine what capital allowances have been claimed on a property prior to any sale or purchase. You have a duty of care to ensure that the correct measures have been put in place, not least to protect your client’s interest, but also that of your own – our society’s culture of blame leaves advisors severely exposed should they not make certain their clients have access to the specialist knowledge required to put together a comprehensive, robust capital allowances claim.
Cost Care can assist your client in extracting as much tax relief as the law allows. Accountants refer their clients to us safe in the knowledge that we will execute the scrupulous and at times, arduous but necessary, due diligence that is required to prepare a report that can stand up to scrutiny and succeed in securing the maximum tax relief available.
There are no problems, no catches – this is just good business.