£18.5m windfall for Isle of Wight firms

By Martin Neville

Wednesday, December 5, 2012

 

ISLE of Wight businesses are in line for a tax break of around £18.5 million, according to new research.

An estimated 515 firms on the Isle of Wight are still eligible for the tax rebate under government rules for businesses owning commercial property, according to Portal Tax Claims, a leading capital allowances specialist.

It says most large corporations have taken full advantage of the system of capital allowances but many small and medium-sized enterprises are failing to lodge a comprehensive claim.

Shaun Murphy, managing director of Portal Tax Claims, said: "Businesses on the Isle of Wight are missing a trick as far as capital allowances are concerned, often assuming their accountant has the matter in hand.

"A second common misconception is that capital allowances only apply to items such as computers and vehicles."

He added: "Our research shows many firms are failing to take their business premises into account and each property potentially contains thousands of claimable items.

"Submitting a rebate can be daunting for the uninitiated but the financial rewards can be significant."

Allowances can often be found up to a value of 40 per cent of a property’s purchase price and it is thought some 90 per cent of commercial buildings on the Island are eligible for a rebate.

Reporter: martinn@iwcpmail.co.uk

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by Mike Crowe

5th December 2012, at 12:13:23

This is what I pay an Accountant for.

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by Jake Gully

5th December 2012, at 11:26:47

I think the Headline should read "Advert for Portal Tax Claims"

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by Mr Elliott

5th December 2012, at 09:22:03

Windfall? It's hardly a windfall when you have to jump through hoops to get the money.

Headline should be: Small Businesses Lose, Large Corporations Win.

Any views or opinions presented in the comments above are solely those of the author and do not represent those of the Isle of Wight County Press.

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