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£18.5m windfall for Isle of Wight firms

Wednesday, December 5, 2012 - 8:41

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: [email protected]

 


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