Restaurant

Our client owned several restaurants and cafés in London. Over the years, the company has carried out various refurbishments. However, due to poor record-keeping practices and lack of knowledge on capital allowances, no tax relief was claimed. There was also lack of documentation related to the details of work carried out. The company’s accountant didn’t have the specialist skills to carry out a full capital allowance analysis as it required an effective combination of technical surveying skills and specialist knowledge of taxation statute and case law.

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We carried out a detailed inspections of the properties, liaised with building contractors and project managers, reviewed any available documentations. Reasonable estimates and assumptions were made based on industry standards and similar asset benchmarks.

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As a result of our involvement, we identified a significant level of allowances based on the client’s historical expenditure to provide tax savings of circa £88,000 at a tax rate of 19%.