Our team at CAPLUS has the combined expertise of the RICS and SCSI qualified surveyors. We have developed a Revenue approved process for the preparation of valuations to establish what qualifies under technical entitlement criteria, including relevant case law, precedence and accepted practice, our process involves the following steps:
Having worked with the Revenue Commissioners in developing their understanding of the practical application of claims for Capital Allowances, we use an approved schedule format to enable the value of identified allowances to be incorporated in your tax computation.
It is normal for a claim to already have been made by your accountants on expenditure that is easily identifiable as being on machinery and plant. In many cases however, allowable costs are incurred in a way that your accountant is unable to identify because they are included within a generally unspecified invoice. In particular, payments made to a main contractor will normally have no detail attached to them and will therefore be appropriately allocated to land and building additions in your accounts. We are able to assist your accountant to break these invoices down and re-allocate those costs that qualify for machinery and plant allowances. We then work with your accountant to prepare the claim with the calculated additional value.
Tax relief is available on machinery and plant used in the trade. There is no legislative listing of items that qualify as machinery and plant and the determination of what costs will be allowable is subject to the nature of the trade and consideration of the function of the equipment. Case law and precedent along with accepted practice assist with providing a working procedure for identifying, valuing and claiming allowances. The team at CAPLUS has extensive experience in preparing claims and have worked with Revenue Commissioners in securing agreement to substantial tax savings for property owners, tenants and investors.
Our initial analysis is a free service to determine if unclaimed capital allowances exist. Once we establish an ability to claim additional relief, we deliver our valuation service on an incentivised fee based on a percentage of the tax saving identified. Our fees are calculated as percentage of the tax saving identified, plus VAT.
As self-assessed tax payers have responsibility for operating the Universal Social Charge in respect of all income sources, the tax saving will be based on your income tax rate including the USC. This provides a higher effective tax rate for saving than the 40% higher rate of tax. Including USC we have had clients saving at a rate of up to 55%.
You have two options available when your capital allowance analysis is completed.
Option 1 you can back date your claim on a straight line basis to a maximum of four years & carry forward four years. If you chose this option you will get a rebate from revenue provided you have being paying either income or corporation tax.
Option 2 you can carry forward your allowances over an eight year period on a straight line basis and write them off against future income.
The whole exercise could be completed within 4 weeks provided all information is supplied promptly (see Initial Analysis tab above).
Where a tax rebate is due this is normally processed within 8 weeks of an amended computation being submitted to Revenue.
We had claimed capital allowances on shop fittings in the past but never on the building costs. Our accountant introduced us to CAPLUS and they carried out an analysis of our project costs generating a tax rebate of €82,000 with a further €135,000 to be claimed over the next five years. It has helped us expand our petrol station business with reinvestment on additional facilities.
When CAPLUS examined our expenditure on development of a retail park we thought they would only find a small amount of tax relief. We were delighted when we obtained a tax rebate for €164,000 and have since begun examining costs on other developments.
Having bought a second hand public house, our accountants recommended that CAPLUS prepare an analysis to identify tax relief available on the purchase price. We were very pleased when they identified over €110,000 of tax savings which have now been processed.
We recently completed the construction of a new store and while we always claimed the capital allowances for the fixtures & fittings we never realised until we engaged CAPLUS the amount of capital allowance locked within the construction contract. CAPLUS extracted in excess of €190,000 in tax savings from the main contractor’s final account. A fantastic service which we have recommended to other business owners.
CAPLUS were referred to me by a local accountancy firm (not my own accountant) as a company I should talk to about my recently developed medical surgery/centre. They carried out their analysis which was done on a ‘no foal no fee basis’ and at the end of the exercise they generated over €84,000 in tax savings. I was amazed at the results and the level of the professionalism. I highly recommend CAPLUS.
We developed a small six unit office development over 10 years ago. All the units were rented and we were paying tax on the income. My auctioneer recommended I talk to CAPLUS and I immediately engaged them to do a capital allowances analysis. I received a rebate of €12,000 back from revenue and had another €12,000 to write off against my future rental income. Absolutely delighted with the service, a must do for anyone with commercial property
Accelerated capital allowances for energy efficient equipment Budget 2017 introduced an extension to the 100% first year tax
Definition - When capital expenditure is made on the construction of a particular structure or building, capital allowances may
CAPLUS was formed to help business owners maximise their profits by reducing their tax liabilities and generating rebates where possible through capital allowances. We work closely with financial professionals to maximise the return on investment in commercial property by extracting additional capital allowances within the building costs which have been previously unidentified.
Scott Morris & Richard Walsh are Chartered Quantity Surveyors with a unique skillset which allows them to survey, evaluate & extract qualifying capital allowances in commercial properties under the current tax legislation and case law.
The team at CAPLUS worked with the Revenue Commissioners in developing their understanding of the practical application of claims for Capital Allowances and the creation of a schedule format for claims submission. In today’s economic climate every business owner needs to maximise the return on their property assets and CAPLUS achieves this by offering a professional and comprehensive service.
Reg. Office: 4 Greenview Terrace , Princes Street, Tralee, Co. Kerry
Telephone: +353 (0)66 7181871