Firms ‘miss out on tax claims’

OWNERS of commercial property in Luton could be missing out on more than £177million in tax returns.

By The Newsroom
Monday, 13th June 2011, 1:19 pm

That’s according to specialist capital allowance company Portal Tax Claims, which puts the missing amount at £177million.

Capital allowances are available to commercial property owners who spend money making certain qualifying improvements, such as installing fire alarm systems and air conditioning.

During a trial of the new proposition it reclaimed, on average, £105,000 for each business in outstanding capital allowances.

Portal Tax Claims estimates that 96 per cent of businesses – that is 4,230 in Luton – that own their own properties, or commercial property owners, could be owed a refund.

For business owners within the 40 per cent tax band, this equates to £177,649,920 that could be claimed back in Luton alone.

Shaun Murphy, chief executive of Portal Tax Claims, said: “Literally billions of pounds are due to commercial property owners across the UK, but most lack the necessary expertise to make the claim which can be a complicated process.”