Too many SMEs not claiming key tax relief

Three in five (57 per cent) of small and medium sized businesses (SMEs) in the South West are unaware they can claim tax relief on premises they own.

According to a survey published this week, in the past just one in 10 local businesses have applied for capital allowances tax relief available on commercial property, such as an office, surgery, warehouse, hotel or other business premises.

“We know that thousands of businesses in the south-west, from veterinary, dental and GP practices to nurseries and hotels are sitting on a potentially significant tax windfall,” a spokesperson for the survey says.

“Capital allowances are obscure at the best of times but they can be extremely lucrative when identified.”

If you would like to find out more about how to make the most of this area of tax relief, or to discuss any other tax related matters which could benefit your business, contact your usual Beavis Morgan Partner.

Our SME specialists are on hand to provide advice on how best to structure your business for tax and improve business performance both now and for the future.