The Art of Tax Relief that's NOT in an Invoice (Episode 2)

In episode 2 of our exclusive vodcast with Allan Cadden of Cavetta Consulting Ltd, we learn more about Capital Allowances tax relief and how this can save your business money.

Are capital allowances a scam?

No, capital allowances are backed by the government and have been around since 1878. The revenue want your business to claim it and it has its own legislation behind it.

If I make a capital allowances claim, do I automatically get money back?

No, the claim does not auto-generate a repayment from HMRC. If you claim in the same year you're doing your tax return, claiming capital allowances can reduce your tax bill. Or, you can submit your tax return and pay the tax, then re-submit the tax return to auto-generate a refund.

Should I use my accountant for my capital allowances claim?

An accountant should already claim capital allowances for items on an invoice. However, when using a specialist firm like Cavetta Consulting, they will claim from property and to do this, they need to value that property - meaning more savings for you. Using a capital allowances specialist to do your claim should not affect your relationship with your accountant.

If I start claiming tax relief, will HMRC start looking closely into my business?

No, they want you to claim this. HMRC will examine the claim to ensure it's right.

How long does a capital allowances claim take?

The process is dependant on the information you can provide to the specialist. It can be as quick as 6 weeks if you have all the information available.

How much will using a capital allowances specialist cost me?

Any allowances advice used should be able to demonstrate their worth before you agree to working together. They should be able to show you where savings lie and how financially better you will be. Each firm has their own way of doing things, and ensure you know where the fee sits in comparison to the tax savings you will make.

You can find Cavetta Consulting here