Tax returns – Are you claiming all the relief you’re entitled to?

As a high rate taxpayer, do you know if you’ve claimed all the reliefs to which you are entitled?.

HM Revenue & Customs has sent out letters to thousands of people, liable to pay tax at rates of 40% or above as part of a campaign to urge people to contact the HMRC voluntarily. Those who took up the opportunity, launched on July 3, will receive better terms and any penalty they pay will be lower than if the HMRC was to come to them first.

The Revenue’s attitude is more lenient nowadays. More likely will they say ‘If you cannot afford to pay what you owe all at once, don’t worry. If your circumstances warrant it, you will be able to spread the payments’.

Are you a higher rate tax payer who could benefit from more efficient tax planning?

Manchester-based, Conation Capital has helped thousands of UK businesses reclaim cash through tax incentives and wiser investment choices.

Taking advantage of capital allowances, Conation Capital has helped companies claim back tax relief on fittings such as air conditioning, radiators, pipe work, cabling, lighting and security systems on their commercial properties – even if they were bought a decade ago.

Ross Wyllie, senior partner at Conation Capital, said: “At least 96% of commercial property owners are likely to be sitting on 20% in unused tax relief. If a limited company buys a commercial building for a million pounds, around 20% of the purchase price can be off-set against their annual tax bill. If as a business you have a chance of recovering some of your tax expenditure, surely you would consider it – but the truth is many businesses don’t know this exists.

“We tell people what they don’t know. Sometimes they think it’s too good to be true but we concentrate on low risk tax relief schemes which the Government approves of including incentives such as capital allowances. There are a number of Government approved avenues out there which help reduce corporation tax because they encourage economic growth”.

We appreciate the expertise provided to Property Aspects Magazine from the team at Conation Capital.

You can contact them on 030000 339900