Take action now to secure valuable tax reliefs if you own a commercial property.

The rules surrounding tax allowances and commercial properties change on 6 April 2014.

If you or your business own a commercial property then there are two main areas that could be well worth checking out.

1. Tax allowances may be available
You may be able to claim some unexpected tax allowances this year and reduce your tax liability. If your commercial property contains Qualifying Assets (definition below) that you haven't previously identified and claimed capital allowances on, then you can bring all of this up to date in your current financial year.

2. Sale of property in the future
You need to get your tax records up to date in case you sell your property in the future. You will need to agree, as part of the property sale, what part of the overall price you receive relates to Qualifying Assets (definition below) in the building. If you can identify the value of Qualifying Assets now and update for any similar expenditure on which you claim capital allowances in the future, then this will avoid you having to assemble this information at the same time as you are looking to sell your property – something that may cause delays and evend prejudice the sale itself being completed.

Qualifying Assets include

• Heating systems
• Air conditioning
• Electrical systems
• Hot & cold water systems
• Lifts
• Sanitary ware
• Door handles
• Door closers
• Lights
• Cabling

The rules regarding tax allowances on commercial properties are complex but it would be well worth taking some professional advice now to ensure that you are claiming the reliefs you are entitled to and keeping the necessary records should the property be sold in the future.

You need a co-ordinated service that provides you with both the tax advice that you need as well as valuation services for any qualifying assets from a property professional.

Please email me at [email protected] if you would like any further information or advice