Each year millions of pounds of tax allowances and reliefs go unclaimed.
Tax issues are often overlooked or considered at a late stage in property transactions, but when the full suite of options for tax allowances are used proactively they can secure significant savings from acquisitions, disposals, developments and brown field remediations.
For many tax is a consequence, rather than a strategy. Working alongside our clients to deeply understand their circumstances we leverage tax reliefs to positively shape property strategies; maximising your potential, opportunities and savings across property transactions and developments.
We understand that commercial business drivers will always dominate property development and investment, but if tax allowances and reliefs are used strategically they can significantly enhance returns. Our experience means that we know where to introduce and implement tax allowance strategies for maximum effect.
Construction claim assessment
Capital Allowances is a technical and specialist activity that requires an optimal blend of knowledge, experience, and attitude.
Our services are provided by senior advisers that have performed at the highest level across a variety of service platforms. Accounting, surveying and property consultancy experience blends together a considered and mature approach to claim solutions. We assume a thorough approach is required in all client requests but wherever possible we adopt simple, clear and disclosed services.
We believe capital allowances are an essential aspect in any project armoury and an invaluable value engineering tool. The inclusion of capital allowances estimates to project viability, feasibility, and financial modelling studies is paramount to enable our clients to fully consider project scope and returns. Maximising capital allowances then becomes an intrinsic project element, providing confidence to clients, and all stakeholders and interested parties.
Having a range of understanding through plant and machinery allowances, general plant, integral features, super deductions and first year allowances, structure and buildings allowances, contributions, grants, repairs, etc requires a holistic experienced approach to evaluate the best approach required.
Strategic acquisition advice
Our consultants have 20 plus years of advising on large and complex transactions through proactive planning and negotiation.
Best practice and a high level of understanding underpin capital allowances transaction strategies, whether in selling or buying scenarios. Adopting a bespoke forward-thinking strategy establishes a competitive advantage over the opposing transacting parties, and in this respect capital allowances is no different to client investment and negotiation advice. A little proactive planning using foresight and judgement goes a long way to providing knowledgeable and maximised tax outcomes.
The building fixtures environment has evolved many times over the last 20-30 years, with finally, in the last 5 years at least, HMRC achieving a greater level of control and transparency. Significant opportunities remain however, for both sellers and buyers through an understanding of seller structure and positioning, protection and creative use of allowances both unidentified or identified, or knowing the right information required at the right time out with the standard CPSE enquiries. The key to success is in engaging the right expert early.
All industry sectors are unique but require a tailored and transferable approach of core disciplines.
Our cross trained senior surveying and tax experts have a unique set of skills which are required to assess, evaluate, review and document optimised capital allowances claims for our clients. We believe that core capabilities are essential to maximise savings in all industry sectors including offices, hotels and leisure, healthcare, manufacturing and so on. Whilst some industries require a more truly specialised approach such as the water industry or previously sports stadia and grounds (safety at work), we are also firm advocates of establishing expert knowledge in our client sectors.
Years of experience in listening to our clients business ideas and aspirations has taught us where best to place our focus in building strategies to increase allowances and savings. Existing building alterations may throw up a high degree of incidental assets, hotel projects will include a significant amount of embellishments and finishes, and healthcare builds will contain a high incidence of protective and clean assets. We listen, we learn, and we understand to how best develop our services to serve our individual clients.
Land remediation relief
An extremely rewarding tax relief that necessitates a highly specialised level of qualitative due diligence.
Capital allowances advice requires a good degree of technical due diligence and entitlement considerations, and a high focus on analytical cost skills. However, the extremely valuable land remediation relief requires an opposing approach. To secure this relief It is fundamentally important to carry out a thorough understanding and review of all relevant client, transaction, property, environmental considerations, remediation strategy, and relevant costs to advise clients property. Failure to do so could be very costly.
A full review of this tax relief by HMRC several years back resulted in higher levels of legislative entitlement to focus the financial benefit where previously intended. Robust due diligence is key and must be enacted with the both the client’s and project consultant’s assistance to enable full disclosure of all relevant case facts. Our consultants are highly motivated to ensuring all client’s take advantage of this valuable project saving but with the correct, detailed approach.
Avison Young brings Danesfort office building to market10 May 2021
The four-storey, 78,800 square foot headquarters office building with adjoining multi-storey car park sits on a generous 2.8-acre site and is expected to generate significant interest.
Strategic real estate advisor Avison Young, acting on behalf of Ulster Bank, has launched the sale of Danesfort, Stranmillis Road, Belfast.
Constructed in 1959, Danesfort was originally NIE’s headquarters complex until its more recent sale to Ulster Bank in 2002. The property is one of the largest predominantly vacant office buildings to come to the market in recent years and is one of the few large-scale office complexes outside of central Belfast with the benefit of an office planning consent.
Situated within excellent public transport links to Belfast city centre, Danesfort presents a highly attractive refurbishment or redevelopment opportunity for a range of uses including office, residential, PRS, primary care, PBSA and hotel subject to planning and vacant possession.
Jago Bret, Principal & Managing Director of Avison Young in Northern Ireland said,
“We believe that Danesfort will have broad appeal across investors, developers, and owner occupiers, due to the unique opportunity it offers in the post-pandemic world we are now stepping into.
Now more than ever, occupiers are likely to be seeking office space closer to their place of residence and to support services such as schools and childcare facilities. In addition, Danesfort’s highly attractive suburban location will be particularly appealing from a health and wellbeing perspective and in supporting the new hybrid working model that many companies are expected to adopt post-pandemic.”
The property is currently let in part to NIE Networks Limited, covering part of the 3rd Floor and part of the 4th Floor along with a small ground floor store.