Capital Allowances: Did your solicitor fail to advise you properly?
Recent research has revealed that 90% of property owners have not claimed their full capital allowances. If you have purchased a commercial property, and you have not been advised properly about claiming capital allowances, you may have a claim against your conveyancing solicitor.
What are capital allowances?
Capital allowances are potentially very valuable, as they can be deducted from the profits of a business to reduce tax payable. Capital allowances can be claimed when you buy equipment to be used in your business.
The most common allowances relate to equipment, machinery and business vehicles. Allowances can include fixtures such as heating and air conditioning systems.
Did you know about capital allowances?
Solicitors acting for sellers and buyers of commercial property should be fully aware of the significance of correct capital allowance advice in commercial property transactions. However, this is not always the case.
According to the Law Society, the majority of commercial property solicitors do not address the issue of capital allowances adequately in property transactions.
Do you have a claim against your solicitor?
Failure to address the issue when buying or selling a commercial property can result in valuable capital allowances being lost for all time. This often gives rise to professional negligence proceedings against the solicitors or/and the accountants involved in the transactions.
Have you been affected?
If you have purchased a commerical property, and your solicitor did not properly advise you about capital allowances, you could have a claim against them to recover your losses. At Samuels, we have 25 years' experience in the niche area of claims against solicitors.
We understand that you may not have the funds to pay for legal services up front. We are committed to access to justice and have developed a number of flexible funding arrangements to assist clients wherever possible, including conditional (no win no fee) arrangements.
Contact us today for a free discussion about how we can help.