Capital Allowances

Partner - Group

Call Your Local Office

At SMH Chartered Accountants we offer a range of services to help our clients manage their finances and achieve their goals. One of the key services we offer is Capital Allowances.

What are capital allowances?

Capital allowances are tax deductions that businesses can claim on certain types of capital expenditure. Capital expenditure refers to the cost of purchasing or improving assets, such as buildings, vehicles, machinery, and equipment, that are used in the course of running a business.

Capital allowances provide a means of reducing a business’s taxable profits, which in turn reduces the amount of tax that needs to be paid. They are available to all types of businesses, including sole traders, partnerships, and limited companies.

What types of capital expenditure qualify for capital allowances?

There are several types of capital expenditure that qualify for capital allowances, including:

  • Plant and machinery: This includes items such as computers, vehicles, machinery, and office equipment.
  • Research and development: Businesses that carry out research and development activities may be able to claim capital allowances on the costs of these activities.
  • Integral features of buildings: This includes items such as lifts, air conditioning systems, and electrical systems.
  • Renovation or conversion of buildings: Businesses that renovate or convert buildings may be able to claim capital allowances on the costs of these activities.

Why Choose SMH Group for Your Capital Allowances?

Outsourcing your capital allowances reporting responsibilities to SMH Group has several advantages, including:

  • Expertise: Our team of tax experts has a thorough understanding of the complex rules and regulations surrounding capital allowances. We can help you identify which types of expenditure qualify for capital allowances and ensure that you claim all the allowances you are entitled to.
  • Time-saving: Capital allowances reporting can be a time-consuming process. By outsourcing this responsibility to us, you can free up valuable time to focus on other aspects of running your business.
  • Cost-effective: Outsourcing your capital allowances reporting responsibilities can be a cost-effective option, particularly for small and medium-sized businesses. Our services are tailored to your specific needs, so you only pay for the assistance you require.
  • Compliance: Ensuring compliance with tax laws and regulations can be a daunting prospect for many businesses. By outsourcing your capital allowances reporting responsibilities to us, you can have peace of mind that your tax affairs are in order and that you are fully compliant with all relevant legislation.

Contact the SMH Chartered Accountants team on or 0114 266 4432 to learn more about learn more about our Capital Allowances services and how we can help you.