Is Your Farm or Agritourism Business Missing Out on Valuable Tax Relief?
Many farmers and agritourism businesses invest heavily in commercial buildings, visitor accommodation and infrastructure, but are often unaware they could be entitled to significant tax relief under the Capital Allowances Act 2001.
The Act allows commercial property owners to claim Capital Allowances on qualifying assets within their buildings. These can include electrical systems, heating, plumbing, commercial kitchens and bathrooms, drainage, irrigation, renewable energy installations, machinery and other embedded plant and machinery. Relief may be available following the purchase, extension, refurbishment or conversion of a commercial property, and in many cases on qualifying assets already contained within a purchased property.
HMA Tax – Scottish Agritourism Trade Members
HMA Tax are specialist Capital Allowances advisers, working alongside your existing accountant to identify, value and claim the Capital Allowances you’re entitled to. Our surveyors and tax specialists regularly uncover qualifying expenditure that has previously been overlooked.
The results can be substantial. For one farming family that purchased a rural property for £2.1 million, we identified £435,000 of qualifying Capital Allowances, generating an £82,000 Corporation Tax refund.
If you’ve invested in farm buildings, holiday accommodation, visitor facilities or other commercial property, now is the ideal time to review whether you’re claiming everything you’re entitled to.