Property Embedded Fixtures and Features

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PEFF's - Property Embedded Fixtures & Features Specialist

The Background

‘Property Embedded Fixtures & Features’ are a specialist element of the well known subject of ‘Capital Allowances’. A capital allowance is a taxable benefit against expenditure on ‘Plant & Machinery’ for the purpose of the trade.

As a matter of course, accountants identify ‘MOVEABLE’ items which qualify for capital allowances. These moveable items include desks, chairs, computers, cars etc. However, accountants may be unaware of the qualifying Embedded Fixtures & Features within a commercial property that are essential for a business to carry out its trade.

This leaves an enormous wealth of unclaimed ‘IMMOVEABLE’ items on which capital allowances can be claimed, such as lifts, heating systems, security systems, sanitary ware, electrical systems, kitchens etc. These items were either inherent within the property at the time of acquisition or could have been subsequently installed.

Why are these items missed?

Until an accountant, owner or leaseholder instigates the process of identification i.e. a ROOM BY ROOM SURVEY with appropriate evaluations of the qualifying items, they will remain unclaimed. This means a substantial benefit is missed as items that are fixed, screwed, nailed to or within a property are taken for granted, unless identified by an experienced tax specialist after carrying out a survey.

Who can claim the benefit?

The tax benefit is available to the party that incurred the expenditure – purchasing a commercial property OR funding refurbishment or extensions.

How is the benefit claimed?

The tax claim is used to generate a tax repayment where appropriate and is then used as tax credits to reduce future tax liabilities, this helps protect your income against tax. C3 ensures that the tax benefit is utilised in the most efficient way for your circumstances.