Anyone know about this?

[HippyHamster]

Hi All - I've just joined the site cos I'm trying to find out if anyone know's about this tax-re-claim scheme?

Seems electrical work in commerical properties can be re-claimed against capital allowance. Good news for us if businesses can claim back the £££ they spend. I wondered if anyone else has has experience of this and maybe recommended it to clients?

Here's the article I found...

Tax windfall for business property owners | This is Money

HH

 

[SirKit Breaker]

As far as i am aware, the only thing you can claim back is the VAT if you are a member, then so can your customer. You offset your materials on any job as a cost and it comes off your turnover as a business cost before calculating your net for tax.

Cheers.......Howard

 

[bugsy]

IF you employ contractors to carry out work ( refurb, etc but not maintenance ) can be reclaimed ( but not by the contractor ) so what are you?

 

[Adam W]

The article seems to be about commercial property which you own.
There is a separate tax return for income gained from property (ie landlords) which I was sent in error once.
As regards working in any kind of property you can put materials etc down as business expenses on your 'normal' tax return, just keep all the receipts for 5 years in case they query it.

 

[HippyHamster]

Thanks all for your replies!

I'm a spark - working in TV mostly but work is drying up so am looking for work further afield.

I wasn't thinking of this capital allowance for me, more as a selling point for potential clients - effectively that they can re-claim a significant proportion of the money they spend using me.

Have you guys done this?