Leicestershire Businesses Urged To Take Advantage Of Tax Relief Scheme
Added by Love Business East Midlands | 2 December 2016
UPDATED: 5 December 2016
Leading firm of chartered accountants, Newby Castleman, is encouraging any Leicestershire businesses seeking out new or refurbishing existing premises to consult them on a scheme which could significantly reduce their set-up costs.
Stephen Castleman, Partner at Newby Castleman.
The Business Premises Renovation Allowance (BPRA) offers businesses 100% capital allowances on the costs of converting or refurbishing disused premises, provided that they meet certain conditions.
This means businesses can deduct the full costs of renovating premises from their taxable profits. The deduction is not subject to the standard £50k cap on income tax reliefs.
The BPRA is available only in areas considered ‘disadvantaged’, but this applies to seven wards in Leicester, including the city centre Castle and Abbey wards.
The scheme is set to close in April 2017, when its 10-year run expires. This gives businesses seeking to benefit from the tax relief less than six months to begin work and incur expenditure on renovating premises.
Stephen Castleman, Partner at Newby Castleman, explains:
“The BPRA is a Government-backed scheme, designed to repurpose business premises that have been disused for 12 months or more.
It offers a financial incentive to businesses that refurbish these premises and bring them back into use. It can also be of benefit to landlords and property developers who may own property unused for 12 months or more.
In addition to Leicester, large areas of Coventry, Nottingham and Derby also fall into the ‘disadvantaged’ bracket, so there are ample opportunities for East Midlands businesses to choose a renovation project suited to them, in a prime city centre location.
The scheme is set to close in the new year, so in order to take advantage of the tax relief it offers, businesses should start putting plans in place now.
At Newby Castleman we have a comprehensive working knowledge of this scheme and can guide businesses every step of the way. We would advise any local business considering a move to new premises, or refurbishing empty premises, to get in contact with us in the first instance.”
Those who wish to learn more about the scheme can contact Stephen Castleman at Newby Castleman on 0116 254 9262 or email sdc@newbyc.co.uk.
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