Hoteliers are being warned that they could be missing out on thousands of pounds of owed Property Capital Allowances that will be lost forever if they are not claimed correctly.
Geoff Davies of The Bailey Group, experts in accountancy, tax and financial services, wants to inform hoteliers that they could be entitled to a substantial amount of money if they are in the market of buying or selling a hotel.
Property Capital Allowances refers to allowances contained within the fabric of the building and can only be claimed once; so although they can be used for tax saving, they are not linked to Capital Gains or Wear and Tear.
HMRC says that over 90% of commercial property owners have not claimed their full allowances, despite them being enshrined in law since 1878.
Hotels fall into the category which qualifies for a 30% to 40% allowance, so a claim could result in a substantial sum of money.
Recent government legislation now stipulates that if Property Capital Allowances are not claimed correctly, they will be lost to both buyer and seller forever.
For more information and an illustration of the potential savings that could be made on your property contact Geoff Davies of The Bailey Group firstname.lastname@example.org