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Our client had undertaken a number of historic refurbishment and expansion projects.

Due to a perceived lack of information, very limited capital allowances had been identified by the previous accountants.

IMH Advisory LLP reviewed the previously submitted, closed tax computations and floor plans of the works.  We surveyed each site, confirming the nature of the works and ensured that the relevant items still existed at each dealership. By applying our surveying skills and making appropriate assessments, we could break down the expenditure previously overlooked to identify additional capital allowances.

Our detailed, fully disclosed and reconciled analysis identified almost £1m of additional Plant and Machinery Allowances (PMA) and Capitalised Revenue Expenditure (CRE). Working with the current tax advisor, the additional PMA and CRE was included in an open tax return and submitted to HMRC, leading to tax savings of circa £200,000.

Since this original instruction, the same client has acquired a number of existing car dealerships.  We have advised them on each site, identifying further PMA.