NEW VENTURE CAPITAL ALLOWANCES

Faithful Inventories are partnering with Capital Allowances and Tax Recovery Ltd to offer a fantastic new service ensuring that you are claiming all your capital allowances on commercial properties that you are entitled too. While Accountants will do the normal capital allowances there are reliefs that they do not have the expertise to carry out and our new partnership does. All I ask is that you fill out the application form and let us do the rest if there are no relief's to be claimed then you have no fees to pay no matter how much work we have done! Nothing can be fairer than that.

We’ve recently seen people save hundreds of thousands of pounds of tax so let us do the same for you for no upfront fee and no tax savings no fees.

What Are Capital Allowances?

When you spend money buying or improving a property, HMRC allows you to offset some of that expenditure against your profits, or general income for tax purposes. By allowing a retrospective or current acquisition claim based on the purchase price. It is not a contentious tax avoidance scheme or loophole but is based on established UK statutory law dating back to 1878. You are not a “Guinea Pig” as thousands of cases have already been submitted and paid out.

For further information on capital allowances legislation, view the Capital Allowances Act 2001 (CAA01). Before that it was mainly in CAA90 apart from the legislation about patents and know-how, which was in ICTA88 Chapter 1 Part XIII. These can be found on HMRC website.


We are seeing growing numbers of members taking this service on board and generating significant tax rebates for owners of either UK Commercial Property or / and Furnished Holiday Let’s in the EU.
This is a most valuable service and one that should be positioned with your corporate clients when discussing “tax planning”. We have found from experience over time, that most accountants do not operate capital allowances to the maximum, in particular the “intrinsic” and “immoveable” parts within premises are often overlooked. Our focus is on these and the “installations” present in the building. Typically we are seeing average rebates for clients around £65,000.


Clients pay no initial fee upfront, unless an Foreign Holiday Let, all fees are normally due on the presentation of the actual Capital Allowance report which details the claim for the property owner. The cost of the report is 5% of the allowances identified, along with a survey fee.
Recent Claims:

1. Offices – Purchase Price £190,925 – Capital Allowances £53,647

2. Nightclub – Purchase Price £1.2m – Capital Allowances £288,359

3. Showroom – Purchase Price £351,957 – Capital Allowances £68,320

4. Apartment – Purchase price £190,000 – Capital Allowances £46,954

5. Hotel – Purchase Price £495,000 – Capital Allowances £128,747

So WHAT TO DO NEXT EMAIL ME AT office@Faithful-inventories.com or call 07886649559 and we can take it from there NO FEE UNLESS A SAVING OF OVER 25K FOUND!!

NEW GUIDELINES FOR DEPOSITS

The new guidelines agreed by the three main deposit services regarding deposits and disputes highlights the importance of inventories. http://www.thedisputeservice.co.uk/resources/files/A-guide-to-deposits-disputes-and-damages.pdf

'The importance of a properly completed inventory cannot be underestimated. It must

be robust and defensible if it is to be held up as a proper indicator of the facts and

therefore viewed as acceptable by an adjudicator or court.'


They also go as far as saying that independent inventories are better and more reliable.  

'Tenancy deposit protection schemes

do not disregard, out of hand, inventories that

are not prepared by independent companies or individuals. However, they are likely
to place less weight on their contents.'

So why are Landlords and Agents still not using Independent Inventory Companies? We have no idea, other than they think they are saving money, but an insurance policy would cost you more than £125. Surely this small costs which could mean you can claim your deposit back and get your claim through the courts is worth it!

Call and speak to Rebecca on 07886649559 or 01925 496991 for our specialised service including full colour photographs, video and written report as standard.

ARLA advice on Inventories

Fantastic article on the ARLA MyIntroducer.com | News | ARLA: Advice on Inventories. This highlights the need for professional upto date inventories reports to be carried out that have full evidential reporting.

Our Inventories include full colour photographs, video walk round and full written report. For an example and to discuss your inventory needs call Rebecca on 07886649559 or email office@faithful-inventories.com

Day in the life of an inventory clerk!

Today I thought I'd document my day for those who don't really get what I do and what an inventory is. I have an inventory booked in Bolton for lunch time so before I set off I research the property and the area. I have to ensure I have my camera charged and an empty memory card, charger in the box just in case, dictation machine and spare batteries, note pad and pen, tape measure and cleaning stuff just in case.

Sat Nav finds the location in plenty of time and for once the motorways were clear. While I wait for the agents I take pictures of the views and the external of the property and begin a dictation of the external of the property and its condition and contents. The agent arrives and shows me round the property indicating anything that will be removed prior to the tenant moving in. I then spend on average about 3 hours in the property dictating the detail of every room (ceiling, walls, floors, sockets, switches, furniture, woodwork, heating, lighting doors) including condition and contents, testing appliances, photographing all details  and a final video sweep of the property.

Its then back to the office to download all the information and back everything up before compiling the reports. Once everything is saved the reporting starts first the main photographs are chosen and the photograph pages are compiled. the dictation is then typed up and referenced to the photograph pages. Lastly the video is edited into a 4 minute walk round of the property with music and titles. Then its time to print the reports (2 copies) and down load the video and photos onto a disk and send to the agent.


If you want to see how detailed our reports are let me know and I'll happily come to your office and go through our standard reports for you.  Ring Rebecca on 07886649559 or 01925 496991 or email office@faithful-inventories.com 

Midterms What's and why's?

This last week we've been catching up on some Midterm Reports. These reports are done 3-6 months after a tenant has moved in or the last inventory was undertaken. The Inventory clerk checks against the inventory any damage or changes in every room. The mid-term inspection also includes talking to the tenant checking they are happy with everything, if they have any concerns or worries over anything. Often the tenants will point out damage before you spot it and will explain how they are putting it right or will do before the end of the tenancy.

Tenants need 48 hours notice that this will be done and generally best to do it while the tenant is present. Take notes and photograph all rooms even if the tenants have their own furniture as a good record for the Landlord to know the current state of the property and how it is being kept.

If there are any issues discuss with the tenant there and then and also follow it up in writing. This often prevents the problems getting worse or disputes arising when the tenant moves out at a later date.

Ring Rebecca on 07886649559 to discuss your Inventory or Midterm requirements or visit www.faithful-inventories.com

Importance of evidential detail.

As Inventory specialist we understand the importance of detail however many Agents and Landlords still do not realise the importance. One photograph or a wide angle video shot of a room will give you some evidence as to the room however will no show the detail behind an item or intricate markings or details that will identify items in a room.

While for a general tenancy maybe the detail wont be needed however if you have a rogue tenant who damages the inside of items such as the cooker or cupboards and your inventory just has an over view at best, your evidence to the deposit protection scheme or the courts is now sketchy and your not likely to recover the costs.

Maybe your taking on a commercial units and there is a clause stating that the property must be given back in the way it was handed to you or even improved. You will undoubtedly over time make improvements to the property and fix problems that the landlord never got round to. How can you show your improvements and repairs if you don't have the detail to start with.

Our inventories both residential and commercial will provide as much detail as possible in written format including model numbers and makes where possible, documenting every mark or detail where possible along side detailed photography baking up our report. our average Inventory report is over 30 pages and we would say this should be standard to expect if enough detail and description is being given to ensure you have enough evidential detail.

Ring Rebecca on 07886649559 to discuss your requirement and for a free quotation or visit www.faithful-inventories.com to see more of our services.

Key to protecting your property and gaining the deposit from the DPS!

The DPS and other deposit services are great and have taken a lot of stress out of deposits for both Landlords and Tenants however once the monies there how do we get it out in a tenant dispute?

If there is damage to the property but the tenant says it was like that when they moved in! What do you do then? Well if you use an agent or manage the property yourself you should have a Independent Inventory. This does not include tick box list produced by the agents. The inventory can be provided to the DPS or other service provider along with an independent check out report as evidence. The DPS or other provider cannot argue or believe a tenant with the evidential support that 1. is independent and 2. is such high quality and detail.

Therefore use Faithful Inventories to protect your property and never have to loose the deposit back to the tenant again. See www.faithful-inventories.com or call Rebecca on 07886649559.

Do Commercial Properties need an Inventory?

This week I've been out meeting people from lots of different businesses including Accountants and Lawyers and more and more are asking for our services in a commercial setting.

Commercial contracts on rented property will always have a clause stating that the property must be returned in the state it was given! So who is to say what that 'state' is, and how this is recorded is not as straight forward as the residential market. Massive financial disputes can occur when a business leaves a property costing Landlords or Tenants tens of thousands of pounds.

If there is a independent written, photographed and videoed account of the 'state' of the property then surely this would save a lot of argument and stop unfair court decisions being made.

We propose to work with;
1. Tenants who want to ensure they are not landed with hefty repair bills for a building given to them in a poor state.
2. Landlords who want the peace of mind of an independent account of their property and how it should be returned to them.
3. Professionals wishing to protect the interest of their clients.

CALL Rebecca to discuss this further on 07886649559!

WHY DO YOU NEED AN INVENTORY?

Inventories are required to record the state of a property on hand over from the Landlord to the Tenant. If an accurate record is kept disputes are minimal as both parties agreed at the beginning of the tenancy the sate of the property and therefore the state to which the property should be returned in.

We have one Landlord that until he lost in court damages for £30,000 he didn't see the point in paying for Inventories. The court ruled that the tick box inventory (prepared by agents) was not an adequate recording of the state of the property and so could not find against the tenant. For £150 he could have prevented this happening to him.

Inventories can be used both domestically and commercially for all types of properties.

Our Inventories are independent and give a detailed description of the property and its contents, including colour photographs and a walk round DVD.

CALL REBECCA NOW TO GET A QUOTE OR DISCUSS YOUR NEEDS 07886649559