Capital allowances are made against certain types of plant and machinery, such as lifts, within a building. This means occupiers can claim back part of the cost of buying a building from the Inland Revenue.
However, Watts says many occupiers are unaware or have forgotten that they have not claimed allowances. The service marks the first collaboration between a surveyor and an accountant on a property tax scheme.
“Normally, the client pays for the QS to come in and assess the building. The accountants then come in separately to look at the client’s tax history and so on. They will then assemble an evaluation and make a presentation to the Inland Revenue,” said Watts partner Christopher Knott.
“This meant that the client has two fees [to pay], usually based on two sets of time costs,” added Peter Timms of Kingston Smith.
The firms will charge £750 for an initial inspection, and performance-related fees if they make a claim. Knott expects two or three out of every 10 properties inspected to have a valid case for an allowance.
