Member Article

Property group claws back £2.4m in tax allowances thanks to Yorkshire accountants

Local accountancy firm Garbutt + Elliott have successfully advised property firm The Helmsley Group in claiming back millions of pounds worth of tax allowances from the acquisition of a pair of properties.

The in-house capital allowances team at the Yorkshire firm carried out the claims following Helmsley’s acquisition of the Mill House, an historic granary warehouse now occupied by North Yorkshire police; and East Coast House which currently houses the HQ of Virgin Trains East Coast.

As a result of the firm’s work, the property firm was able to claim back £2.4m in capital allowances, which can be claimed on internal fixtures such as plumbing, heating and air conditioning, alarms and emergency lighting, on both buildings.

According to Garbutt + Elliott, claims can account for up to 40% of a property’s value and the potential to save its clients millions of pounds led the accountants to launch its own in-house capital allowances service in May 2016.

Head of business tax at Garbutt + Elliott, Rob Durrant-Walker, said: “We work closely with all our clients that hold commercial properties, to identify capital allowances savings where possible.

“In these examples, the Helmsley syndicate members will save tax of between 19 and 40 per cent from these allowances.

“As well as working with clients once they have a property, we work with many through the purchase and sale of properties to help with potential capital allowances claims at each stage.”

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