+44 (0) 20 7329 1300

10 Key Qualities To Look For In A Capital Allowances Advisor

It is becoming more and more likely that you or your clients will be approached directly by capital allowances advisors to review capital expenditure when properties are purchased or when construction expenditure is incurred.  This can be beneficial but is a more reassuring experience if you appoint the right firm.

wall-of-keys

Here are 10 key qualities to provide some guidance in choosing a potential advisor;

1          Sensible initial conversation

Engaging with a reputable firm of capital allowances advisors will feel like dealing with a trusted advisor who is keen to understand your particular situation and provide appropriate advice.  It is unlikely you will receive extensive marketing material with exaggerated claims, terms and conditions of engagement in small print and pushy or repeated sales calls.

2          Relevant professional qualifications

Ideally staff will be dual qualified in tax and surveying with membership of the relevant professional bodies such as Royal Institution of Chartered Surveyors “RICS”, Chartered Institute of Taxation “CTA” and Association of Taxation Technicians “ATT” or any of the accountancy bodies.

This ensures work is prepared on both a technically and ethically sound basis as the advisor will be bound by relevant professional regulations.  For example, this will require an independent complaints handling procedure and PII (Professional Indemnity Insurance) is in place.

Print

CIOTATT_2015_logo

 

 

 

 

 

 

3          Relevant sector experience

An established firm will have a great deal of sector experience and be keen to provide relevant contact names and references prior to engagement.  They will be able to demonstrate their ability.

4          Credibility with HMRC

Involving a capital allowances advisor with an independent specialist firm is likely to gain credibility with HMRC as they will see it has been prepared by professionals in line with current guidance and best practice to identify the tax relief the client is legally entitled to.  This will reduce the risk of HMRC investigation, increased tax bills, interest or penalties.  Lovell Consulting has the former lead capital allowances specialist from Valuation Office/HMRC.

5          Capability to liaise with HMRC/Valuation Office and other professional firms

An extension of the above is the ability to deal effectively with property professionals such as accountants and lawyers.  Since the rule changes introduced from April 2014 it is essential your capital allowances advisor is fully capable of liaising with property lawyers during property acquisitions and effectively drafting contract clauses.

Lawyers are more aware that capital allowances are an issue and can offer a value to their clients through correct completion of the British Property Federation endorsed Commercial Property Standard Enquiries (CPSE.1).  Typically a good capital allowances advisor will provide a clear strategy in advance, review the replies and request specific further information, and be able to provide appropriate contract wording so the entitlement to allowances for your client can be safeguarded.

6          No subcontracting

The best type of capital allowances advisor will be able to resource the entire project in-house from survey, detailed analysis through to negotiation, where necessary and agreement with HMRC.  Team profiles and biographies on the advisor’s website are a good indication and evidence of transparency in this respect.  It is good practice to ask who will be preparing the survey and detailed work by name and ask for their relevant experience and qualifications.

7          Response times

Capital allowances provided by a team of several professionals is likely to give you more comfort that the work can be completed efficiently and on time to meet deadlines.  It is important for capital allowances work that responses can be provided quickly when clients buy or sell buildings.  Also to complete work efficiently.

Balancing The Account By Hand

8          No conflicts of interest

An independent firm will work alongside your existing advisors without conflict of interest as capital allowances claims are perfectly suited to being treated as a stand-alone project.  You should check there are no conflicts for a specific engagement.

9          Realistic

An established capital allowances advisor will have sector specific experience and usually be able to provide an accurate indication of the expected level of allowances and immediate tax savings and cash-flow benefit over time.

10        Work with trusted advisors

Finally, it is likely you will choose your advisor based on how well you know, like and trust them; qualities which ultimately cannot be quantified, but the above at least gives some points to consider.  A good recommendation from another professional can be a good basis.

Back to News

OTHER NEWS

john

OTS Review on Capital Allowances and Accounts Depreciation

Lovell Coffee Seminar Oct, 1 and 15 Nov 2017

New Capital Allowances CPD Semimar Dates

EGA_220717_301_REV

20 Years of Capital Allowances

20170719_133055

Lovell Consulting Capital Allowances Student Prize Winner 2017

Lovell Coffee Seminar Sep, Oct and Nov 2017

New Capital Allowances CPD Seminar Dates

Cabot_Square,_Canary_Wharf_-_June_2008

Pension Funds and Capital Allowances Interactions

lexis

Lexis Nexis Webinar – Capital Allowances in 2017

Lovell Coffee Seminar May and June 2017

New Capital Allowances CPD Seminar Date & Speakers Announced

Kaca_film_40%

Capital Allowances and Demountable Partitions; To Move or Not to Move?

1966_Sunliner_caravan_(6262976143)

Employees Claiming Capital Allowances: Caravan Case Demonstrates Hurdles!

Midland_Hotel,_Morecambe,_Lancashire,_England-31Aug2010_(3)

Capital Allowances, Corporation Tax Loss Relief & Interest Deductions – Act Now

British_Houses_of_Parliament

Corporation Tax Loss Relief & Interest Deductions: Capital Allowances

Bar

New 2017 Capital Allowances CPD Seminar Dates Announced

1872042_8c5756ec

Capital Allowances, Trustees and Tax Havens

buildings-1245684_960_720

Interview: A Little Capital Allowances Knowledge Can Be Dangerous

3638890517_7161f4c331_z

MBL Seminar Dates Announced (Capital Allowances in Retail, Hospitality & Offices)

new-picture-56

2016 Lovell Consulting Capital Allowances Art Prize Voting Begins

1

Capital Allowances in the Retail Sector

Palm with a plant growng from pile of coins

Free Cash, Tax Savings & Capital Allowances for SMEs Going Green

2276927_4f106630

Student Accommodation & Capital Allowances

blake-h-portrait

Lovell Consulting Capital Allowances Student Prize Winner 2016

pexels-photo

Capital Allowances within Offices

MBL Webinar

MBL Webinar – Capital Allowances for Property Surveyors

2414578731_82c451232d_b

Capital Allowances & Data Centres

taxjournal-logo

Tax Journal Interview: One minute with…John Lovell, Capital Allowances Specialist

Odeon_Barnet,_High_Barnet,_EN5_(4497059063)

Claiming Capital Allowances and / or Repairs

york-united-kingdom-empty-street

Commercial Property Standard Enquiries: Capital Allowances

New Picture (54)

LexisNexis Webinar – Tax for General Practice & Capital Allowances

England1_144

Artful Plant: When Capital Allowances may be Claimed on a Painting

New Picture (44)

LexisNexis Webinar – Commercial Property Law & Capital Allowances

Thumbs_up_bluefilter

New Capital Allowances Team Appointment – Glenn Ramos

New Picture (48)

MBL Webinar for Property Lawyers and Tax Advisers (Capital Allowances)

Gherkin_stitch

Fundamental Changes to Interest Deductions & Impact for Capital Allowances

playground-99509_960_720 - Copy

Capital Allowances within Childcare Facilities & Schools

Royal_Coat_of_Arms_of_the_United_Kingdom_(HM_Government).svg

John Lovell Comments: 2016 Budget – Impact on Capital Allowances: Commercial Property

Thumbs_up_bluefilter

Capital Allowances Team Announcements

MamaMarseille

Better Call Lovell for Capital Allowances

0928aa_ee33b990a61e441d83d6b257a590d366

Lovell Consulting Capital Allowances 2015 Art Prize

Lexis

LexisNexis Capital Allowances Webinar with John Lovell & Ronak Shah

x-default

Plant in Garden Centres: Claiming the Right Kind for Capital Allowances

1280px-Serpentine_Gallery_Pavilion_5_(2732918169)

Can an Accountant Claim the Capital Allowances without Specialist Support ?

New Picture (33)b

John Lovell Capital Allowances talk at Chartered Institute of Taxation Conference

Albert_dock_at_night

Enterprise Zones & Capital Allowances

14228109324_186f38de00_o

Capital Allowances & Landlord Contributions to Tenant Fitting Out Works

aMaiFZY

Capital Allowances within Private Member Clubs

iStock_000005218304Small

Effective Dealing with HMRC for Capital Allowances

Taxation Feedback Article

Taxation Feedback: Capital Allowances

rooms+cover

Capital Allowances within Restaurants

Poole2-VTerraceC

Capital Allowances within Nursing Homes

Little Book

Little Book of Big Capital Allowances Savings

xglobal-REIT-ETF.jpg.pagespeed.ic.U54haEqpZd

Real Estate Investment Trusts: Get The REIT Advice on Capital Allowances

Siemens-6MW-Wind-Turbine

Wind Turbines and Capital Allowances

cont land

Contaminated Land – The Big Clean Up for Capital Allowances

New Picture (20)

Capital Allowances & Furnished Holiday Lets

CT_Lobby_01-of5a411

Capital Allowances Hidden Gems within Hotels

tax_1815371c

Helpful Tips for Claiming Capital Allowances in Tax Returns

Tax-question_300_2

Why Do I Need A Capital Allowances Specialist?

seedling

Land Remediation Relief & Capital Allowances Q&A

Inspired Capital Allowances Savings_Page_1

Inspired Capital Allowances Savings

580_Image_homes_new_oldham

Private Rented Sector (PRS) & Capital Allowances: Key Planning Points

london-6

Drafting For Purchase Contracts And CPSE Capital Allowances Responses

The Great Hall, University of Reading

Lovell Consulting Capital Allowances Student Prize Winner 2015

George Osborne Summer Budget 2015

Summer Budget 2015: Property Tax Updates & Impact for Capital Allowances

???????????????????????????????

The Benefits of Claiming Annual Investment Allowances

LN

Lawyers Should Seek Specialist Capital Allowances Advice

Lovell_Consulting_Groups22-1500w

The New Environment For Capital Allowances

Capital Allowances demolition costs

Capital Allowances – Demolition Costs

Capital Allowances - Asbestos Removal

Capital Allowances – Asbestos Removal

wooden-judges-gavel-1024x678 (2)

Capital Allowances Case Summary: Bowerswood House Retirement Home

wooden-judges-gavel-1024x678 (2)

Property Tax Case Summary: Terrace Hill (Berkeley) Ltd: Impact for Capital Allowances

OLYMPUS DIGITAL CAMERA

Business Premises Renovation Allowance (BPRA) Case Summary: Senex Investments

Construction Expenditure image

Capital Allowances Savings for Construction Expenditure

58767673

Recent Capital Allowances Case Study

wooden-judges-gavel-1024x678 (2)

Capital Allowances Case Summary – Rogate Services

crest(300x380)

Lovell Consulting Capital Allowances Student Prize Winner

wooden-judges-gavel-1024x678 (2)

Capital Allowances Case Summary – LLPs and AIA

Kirsty and Mike 2

New Capital Allowances Team Members

See Saw 2-10 (2)

Lovell Consulting Capital Allowances 2014 Art Prize

EGA_030514_301.indd

Recent Lovell Consulting Press Coverage: Capital Allowances

Lovell_Consulting_Groups05

April 2014 Capital Allowances Fixtures Rules

budgetbox_1107228c

The Budget of 19 March 2014 Announced a Number of Capital Allowances Changes

Lovell_Consulting_Groups22-1500w

Capital Allowances Case Update – The Granleys

Holiday Lets 2

Capital Allowances on Furnished Holiday Lets

wetherspoons-woking-01

Capital Allowances Case Update – Wetherspoon

budgetbox_1107228c

The Budget of 23 March 2012 Announced a Number of Capital Allowances Changes