William Sweeney and Natasha Spicer ask whether you are claiming enough tax relief on your construction costs
The recent introduction of the Structures and Buildings Allowance (SBA) has focused considerable attention on the neglected area of buildings and structures. The promise of an annual 2% tax relief on construction expenditure was an attractive prospect to companies carrying out such work.
Regrettably, many advisers have noted that all does not shine as brightly as it might with SBAs, even at the increased 3% rate expected from April. It may therefore be in a client’s interest to identify whether all or part of their building or structure qualifies for capital allowances by other means.