Budget 2024 – Savings for Business Owners
The Chancellor’s Budget has introduced significant updates that could impact your organisation’s tax liability. Aetas Partners can help you to offset these costs with expert guidance on tax-saving strategies.
Key Budget Opportunities for Businesses that own Commercial Property
For commercial property owners, the new Budget changes present valuable opportunities to claim tax relief through Embedded Capital Allowances, effectively reducing Corporation Tax bills.
If your business is investing in or plans to invest in property, industrial, or engineering facilities, our expertise spans projects such as:
- Building Refurbishment
- New Construction
- Fit-Out Works
- Property Acquisition
Through these projects, you can claim tax relief on numerous fixtures and integral features, including:
- Fixtures and fittings
- Hot and cold-water systems
- Electrical systems
- Ventilation and air conditioning
- Water installations
- Lifts and escalators
Typically, this relief can add up to around 8% of the property’s purchase price, often higher if the property was purchased within the last two years. For example:
- A property bought for £250,000 could generate £20,000 in relief.
- A property bought for £800,000 could yield £64,000 in relief.
- These savings offer immediate cash flow benefits and long-term reductions in tax bills, tailored to each property’s specifications and cost breakdown.
Let’s Talk About Your Property’s Potential
If you own commercial property within a company or as an individual, and it was purchased after the year 2000, let’s have a quick 10-minute call to explore your eligibility. To book a 5-10 minute conversation, please email andrew.smith@aetas-partners.com
Why not attend our Capital Allowances Webinar on Thursday 14th November?
Start saving on taxes today with insights from Aetas Partners.