Obviously earning a high income has always been a good thing; however when you reach the upper tax bracket of income, the 50% tax you have to pay is a bit of a disappointment. If you are a commercial property owner you are entitled to claim back the tax you paid in the previous year as a rebate and tax relief over the future years, even when it is in the higher tax bracket.
Our Capital Allowances Consultants have recently helped a client who is in this higher tax bracket and allowed him to claim back the same tax percentage from his Capital Allowances Pool as the percentage of tax paid in the previous year on the profits of his business.
Dr Raj Patel is a dentist in South London. He purchased his surgery in 1990 for £600,000 and has spent the past 22 years improving his property to make it into the large and successful practice it is today. He is in the fortunate position to be earning a large amount of money, however he has to pay 50% tax because of it.
With the specialist help of CA Tax Solutions in claiming all he is entitled to, this is the only time Dr Patel has been pleased about his tax bracket. CA Tax Solutions have put their knowledge into action and claimed Dr Patel a massive £21,000 tax rebate and future tax relief of £16,000 this year. His total tax savings with rebate and future tax relief will work out to £97,000!
Some commercial property owners claim Capital Allowances through their accountant; however we have found that only 10% are claiming everything they are entitled to. This is because Capital Allowances are so complicated and the laws change all the time. Most accountants only claim for basic second and third fix of your commercial property, whereas with the help of a specialist company like CA TAX Solutions you can also claim for first fix and other elements. Our specialists will work alongside your accountant to ensure you claim your full entitlement.
Call today or fill in our contact form for a quick assessment of your potential savings - 0161 968 2051