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 helps Coventry Building Society bring its values to the heart of OxfordDecember 20, 2021
Coventry Building Society enlisted the advice of strategic real estate adviser Avison Young in its relocation within Oxford city centre, resulting in a move that better reflects its brand positioning.
Having operated from premises just outside Oxford’s prime pitch for some 30 years, Coventry Building Society, the UK’s second largest building society, has now opened a new branch in the heart of Oxford city centre.
Chris Wright, Director at Avison Young who advised the building society throughout its relocation, said, “The move into Oxford’s prime retail area will enable Coventry Building Society to be at the heart of visitor footfall. With its new position at the entrance to the Westgate Shopping Centre, the building society now has a valuable shop front to help attract new customers and reflect the values of the business in a way their previous location was not able to do.”
The latest branch design is being incorporated into the refit of the c3,000 sq ft unit at 19 Queen Street, over basement, ground and two upper floors.
Avison Young negotiated a new ten-year lease with commercial landlord Brockton Everlast, at a rent of £130,000 a year.
Chris Wright continues, “The high street across the UK has been at the centre of a much- documented structural shift, accelerated by Covid, with footfall levels currently remain around 20% below their pre-pandemic levels. Those retailers and services who thrive on the high street offer a personal experience for their customers that they cannot get online.
“By understanding the needs of its customers and bringing its new look branch right into the heart of Oxford’s shopping quarter, Coventry Building Society is giving a real boost to the city and demonstrates a vote of confidence for the future.
“By using our national and regional knowledge, and being aware of the pressure that high street retailers are under, at Avison Young we’ve been able to advise Coventry Building Society on the best relocation that will enable them to continue to bring their award-winning services directly in front of their customers.”