Here's a series of news articles concerning Capital Allowances and the risk to solicitors, accountants, IFA's and surveyors – all from recent publications.
These concern the new law (enacted April 2014), showing that many professional advisors are avoiding their obligations due to their lack of understanding of the financial consequences.
“There will be wave upon wave of litigation as disappointed tax payers seek retribution from their advisors (solicitors, accountants or surveyors) whom they hold responsible for their loss of Capital Allowance tax relief on their commercial property purchases.”
The Law Society Gazette
“Commercial property lawyers warned over Capital Allowance changes.”
“They could face further action for negligence if they fail to properly advise clients on the tax relief changes.”
Legalease Law Journal
“In many cases Capital Allowances will be lost, this means the importance of solicitors inserting sufficient clauses into the sale and purchase agreement to protect their clients’ financial interests is significantly higher. Not doing this effectively could result in a loss and could even amount to a breach of contract.”
“When accountants are being sued successfully for amounts as much as £1.4 million, such as in the recent MEHJOO v HARBEN BARKER case, for not bringing in a specialist at the right time, a full review of your clients’ buildings may not only benefit them but save your practice further down the line.”
“Legal profession in denial of Capital Allowances. There is a worrying level of confusion among solicitors in their approach towards Capital Allowances, which could leave them open to risks ranging from loss of income to client complaints and litigation.”
The Law Society
“Many in the profession are not fully up to speed with their new obligations and are exposing themselves to risks and loss of fee income and litigation.”
We are Chartered Accountants with over 10 years experience of all aspects of Capital Allowance claims and commercial property tax law.
We offer a FOC, two-hour workshop (at your offices) to cover all aspects of Capital Allowances enabling your team to understand the consequences of the 2014 Law on Section 198/197 and its effects on completing a buying or selling transaction.
Over 750 Accountancy and Legal firms have used our expertise to help their property owning clients accurately claim Capital Allowances as per Section 198/199 CAA2001/FA2012)
If you think we can help it would be good to talk.
With major changes to the Capital Allowance law brought in by the 2014 Finance Act (section 198), there has never been a better time to fully utilise the new Capital Allowance rules to benefit your clients.
We have a dedicated office with 30 full-time members of staff assisting our clients and partners with the complexities of commercial tax law and Capital Allowances.
Contact us to find out more about the way we work with other accountancy and legal firms:
Call Bill Loryman, Sales Director, for an illustration
01327 340408 or 07964 434932
The Bailey Group of Chartered Accountants can help by minimising your workload when dealing with this complex area without increasing your staff costs or liabilities.