We forgot to tell you something important…
…how Tax Rebate Services saves you money.
You need to understand the basics of our taxation system. That’s why we invest in creating free income tax guides and tax refund calculators for you to use. We also have a money section which offers lot’s of free information and calculators from the money advice service.
But some areas of taxation can’t be simplified. The regulations are complex in their concept, not just their language. It’s also important to know how different HMRC rules interact with each other and how that impacts on your overall tax position.
An example is capital allowance for tools tax relief. Because it’s not just about this year’s rebate, but setting up a process that means you can claim everything you’re entitled to in subsequent years.
What are the Capital Allowances rules?
You don’t really want to know, do you? That’s why you hire us. Most of our clients just want to know three things:
- What do I have to know?
- What do I have to do?
- How much money does this get me?
Other than that they, correctly, leave the regulations for us to figure out.
Here are the answers you really want.
What do I have to know?
Capital Allowances rules mean that you don’t get back everything you’re entitled to all at once. That’s just how it is. This is because some of the tax you’re owed back can only be refunded by making another claim after the current tax year ends.
You won’t lose any money if: you understand the details of the Capital Allowances regulations, calculate your first claim accurately and send additional tax rebate claims properly.
If you genuinely want more details read our guide, or the HMRC regulations themselves.
What do I have to do?
Get expert help. In order to maximise your Capital Allowances claim, you need to get it set up properly at the start. Then you need to actively make additional claims in the following years. Otherwise you lose the money you’re owed. Submitting your first claim doesn’t mean that anything else becomes automatic.
How much money does this get me?
Stock answer: it depends how much you’ve spent. However much this is, you will lose out on any additional money if you don’t apply correctly. It’s not just filling out the right form, it’s about optimising your tax position.
