Capital allowances - seizing the opportunity
In January 2015, the Law Society and Catax Solutions conducted a survey with solicitors who are involved in commercial property transactions. The research shows that many in the profession are not fully up to speed with their new obligations (introduced by changes to the Finance Act in April 2014), and are exposing themselves to risks ranging from loss of fee income to litigation.
It also shows that some opportunities to claim capital allowances are missed. This is not merely a matter of risk to the profession. It’s a missed opportunity to build expertise, relationships and new business.
Our research explores the reasons why some allowances are not claimed. Solicitors often lack crucial information from clients and worry about administrative costs and delays. Small practices often struggle to invest in the in-house expertise required. More importantly, a revived commercial property market may have fostered complacency among part of the profession, compounding a high level of uncertainty as to what is expected of them following the changes.
However, all of the above can be overcome. Through our partnership with Catax Solutions, the Law Society offers its members access to the information and advice they need.