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Capital Allowance Tax Advice Services in Norwich
Is your business making annual claims for Capital Allowances? By actively claiming for capital allowances, you have the potential to save your business thousands of pounds, provided you meet the eligibility criteria.
Here we’ll address some frequently asked questions and explain how Eastfield Accountants can assist you in making a claim if you qualify.
What are capital allowances?
In simple terms, capital allowances provide a means to save on tax when your business acquires a capital asset. To grasp this concept, it’s crucial to understand what qualifies as a capital asset. Generally, a capital asset is any company property that plays a substantial role in the day-to-day operations of your business.
For instance, if your company purchases computers for resale, they won’t be eligible for a capital allowance since they’re considered inventory. However, if you acquire computers for your business’s use, it’s highly likely that you could benefit from tax savings on these purchases.
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What qualifies as capital assets?
The breadth and diversity of business purchases that may qualify for tax relief might surprise you. This brings us back to the initial question: Are you missing out on an opportunity to lower your tax bill?
While most individuals with a basic understanding of capital allowances know that they can claim relief on property, plant, and equipment, many are unaware that they can also claim on cars, stocks, bonds, art, collectibles, and even items as seemingly mundane as light fittings.
The list of eligible items is extensive.
How Can Eastfield Accountants help?
From our extensive experience, we’ve found that capital allowances are often underutilised and, consequently, underclaimed. This means you might be missing out on saving thousands of pounds in tax annually. The good news is that our friendly and fully qualified accountants assist clients with capital allowance claims regularly, resulting in savings.
We possess the experience and expertise required to stay up-to-date with the ever-evolving demands of capital allowance legislation. Submitting a claim and maximising your capital allowances necessitates specialised skills and a professional approach.
Our tax specialists can conduct a comprehensive review of your business to identify every potential capital allowance opportunity. At present, only a small percentage of businesses eligible for a reduced tax bill take advantage of it. Often, this is due to a lack of awareness or proactivity regarding capital allowance claims, among other financial and accounting matters.
Now that you have a basic understanding of capital allowances and the potential savings, we strongly encourage you to get in touch with us. We can determine your eligibility and start reducing your tax liability.
Features & benefits of our capital allowances service
Working with us, you’ll benefit from our specialised skills and expert knowledge. Over the years, our extensive experience in tax, finance, and accounting has allowed us to make capital allowance claims across various industries, including:
- Research and development projects
- New construction and refurbishment projects
- Property acquisitions
- Renewable energy
- Care homes
- Hotels
How we work
While making a capital allowance claim may seem intimidating, it’s essential to remember that we handle all the work on your behalf. The process begins with a free, no-obligation consultation to discuss your business’s nature. We can either meet at our office in Norwich or come to your location to save you the trip.
Once we understand your business thoroughly, we’ll determine your eligibility. If you qualify, rest assured that we will act on your behalf to deliver the best possible outcome.
Why choose us for capital allowance services
- Zero jargon
- Fixed fees
- Flexible payment options
- Specialist advice
- Real-time accounting
- Tax liability reduction
- Reduced risk of HMRC penalties
- Secure document exchange
- Complementary services
How Eastfield Accountants work with you
Working with us, you’ll gain the freedom to concentrate on your business. Rest assured that your financial management is being handled by chartered accountants here at Eastfield Accountants.
Get in touch with us today for a free conversation about your capital allowance requirements.
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Related services
See below for other related services we provide to fully support your financial needs.
- Capital Allowances
- Capital Gains Tax Advice
- CIS Returns
- Corporate Tax Planning
- HMRC Tax Investigation
- Inheritance Tax & Estate Planning
- Research & Development Tax Credits
- Trust Tax Returns
- Company Formations
- Self Assessment Tax Returns
- VAT Returns
- SEIS and EIS
- Insolvency
- Landlord Accounting & Tax Returns
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Capital Allowances
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Uncover the potential for substantial tax savings in your business with our specialised capital allowances services. We will conduct thorough assessments, identifying eligible assets and ensuring accurate claims to maximise your tax benefits. Trust us to provide efficient management of your capital allowances, helping you optimise your tax position while maintaining a friendly and approachable service.
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Capital Gains Tax Advice
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Obtain valuable insights and expert guidance on Capital Gains Tax (CGT) with our dedicated advisory services. We offer comprehensive assessments and tailored advice to help you minimise tax liabilities and maximise your returns. Trust us to provide reliable and approachable CGT advice, ensuring you make informed financial decisions for optimal outcomes.
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CIS Returns
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Streamline your Construction Industry Scheme (CIS) returns with our efficient services. We ensure accurate and timely submissions, helping you comply with regulations and avoid penalties. Trust us to handle your CIS returns with precision and ease, allowing you to focus on your core business operations.
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Corporate Tax Planning
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Optimise your corporate tax position with our expert planning services. We provide tailored strategies to minimise tax liabilities, maximise deductions, and enhance overall tax efficiency for your business. Trust us to deliver comprehensive and effective corporate tax planning solutions, helping you achieve your financial goals.
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HMRC Tax Investigation
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Navigate HMRC tax investigations with confidence through our reliable advisory services. We offer expert guidance and support to help you respond to inquiries, manage the investigation process, and ensure compliance with HMRC regulations. Trust us to provide valuable advice and assistance during HMRC tax investigations, safeguarding your interests throughout the entire process.
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Inheritance Tax & Estate Planning
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Secure the future of your estate with our comprehensive inheritance tax and estate planning services. We offer expert guidance in structuring your assets, minimising inheritance tax liabilities, and creating a lasting legacy for your loved ones. Trust us to provide tailored solutions that ensure your estate planning goals are achieved while preserving your wealth for future generations.
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Research & Development Tax Credits
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Unlock valuable financial opportunities with our expert guidance and support for Research & Development (R&D) tax credits. We understand the complexities of R&D tax incentives and will work closely with your business to identify eligible R&D activities and maximise your tax benefits. Trust us to navigate the intricacies of R&D tax credits and help your business leverage its innovative efforts.
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Trust Tax Returns
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Ensure compliance and accuracy with our comprehensive trust tax return services. We understand the unique tax requirements and regulations related to trusts and will handle your tax return preparation meticulously. Trust us to manage your trust tax returns with precision, allowing you to meet your obligations and maintain trust compliance efficiently. Focus on managing your trust while we take care of the tax compliance process.
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Company Formations
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Simplify the process of establishing your company with our professional company formations service. We will guide you through the intricacies of company formation, ensuring compliance with legal requirements and streamlining the administrative procedures. Trust us to handle the necessary documentation, registrations, and filings, allowing you to focus on building your business. Let us take the hassle out of company formations and set the foundation for your success.
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Self Assessment Tax Returns
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Effortlessly navigate the self-assessment process with our reliable services. We ensure accurate submissions and maximise your tax savings. Trust us to handle your self-assessment tax returns, providing peace of mind and efficient compliance.
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VAT Returns
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Navigate VAT compliance effortlessly with our comprehensive VAT return services. We ensure accurate VAT calculations, timely submissions, and compliance with HMRC regulations. Trust us to handle your VAT returns, minimising errors and optimising your VAT position.
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SEIS and EIS
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Harness the benefits of SEIS (Seed Enterprise Investment Scheme) and EIS (Enterprise Investment Scheme) with our expert guidance. We navigate the complexities of these tax-efficient investment schemes, helping you attract investors and maximise tax advantages. Trust us to optimise your SEIS and EIS opportunities, fuelling growth and innovation in your business.
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Insolvency
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We will analyse your financial position and business performance to advise on if your business is insolvent or insolvency maybe an appropriate course of action. We partner with the best professionals in this field and all discussions are handled sensitively and confidentially, so you have peace of mind that you are receiving the right advice for any scenario that arises.
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Landlord Accounting & Tax Returns
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Irrespective of whether you are a seasoned landlord with years of experience or have just ventured into the world of property management, the demand for expert landlord accounting services has never been more critical.
At Eastfield Accountants, we take pride in delivering a dependable, personalised, and forward-thinking accounting service tailored to landlords.