Nicola Roby, director at CHW Bolton Accountants explains why you might still be eligible to claim BPRA.
BPRA came to an end on 1 April 2017 for limited companies and 5 April 2017 for unincorporated individual businesses and partnerships.
Taxpayers may therefore be under the impression this means that they can no longer claim. This is not the case. The April 2017 deadline simply means that only expenditure incurred up to this date can be claimed.
BPRA relief allows businesses or investors to claim tax allowances of up to 100% of the expenditure incurred when business premises are converted or renovated in an ‘assisted’ area, many of which are in the North West. Retrospective claims can be still be made for past expenditure, in some cases up to three years after the initial spend.
A useful postcode checker map for the assisted areas can be found on the government website: http://www.ukassistedareasmap.com/ieindex.html
The relief has often been overlooked but can be extremely valuable where the whole or part of a former commercial or office building, which has been out of use for over 12 months, is refurbished and brought back into use either as an investment property or for use in a business. Refurbishment works undertaken on the structure of the building as well as internal re-configurations may qualify. BPRA is a valuable but under used allowance even though claims can be substantial.
If you have made past investments in unused commercial property you should seek professional advice to explore whether your expenditure could qualify for BPRA. Even if you do not qualify for BPRA there are other capital allowances and reliefs for which you may be eligible.
For advice on any this or any other issue relating to small business accounting contact Nicola Roby, Director at CHW Bolton Accountants or via our enquiry page.
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