Venues required by law to record contact details Recording Contact Details The Governments’ new requirements for businesses mean that premises…
The Autumn 2018 Budget announced a new 2% straight-line tax deduction for the cost of construction or renovation of commercial buildings and structures. HMRC have issued a technical note setting out the details for the operation of the new relief. Unlike the old Industrial Buildings Allowance, the new relief is available for the construction of shops and offices as well as factories and warehouses.
The tax break is available where the contract is entered into and construction costs are incurred on or after 29 October 2019. The allowance is available to commercial property landlords as well as trading businesses. There are special rules for leasehold buildings that determine whether the landlord or tenant is entitled to the allowance.
Note that there are more generous plant and machinery allowances available for fixtures and fittings within the building and we can work with you to help you maximise tax relief. This would mean that there may be 100% capital allowances for equipment such as central heating and air conditioning.
If you would like assistance on any of the matters discussed in this blog please contact us on 01295 477 250 alternatively you can email firstname.lastname@example.org.