SOUTHAMPTON businesses are missing out on millions of pounds of tax rebates, a study by a finance company has shown.
According to analysis by Portal Tax, owners of an estimated 630 commercial properties in Southampton could be missing out on £22.6m in tax rebates for unclaimed capital allowances on some fixtures and fittings.
Nationally, the total unclaimed allowances have now reached £8.8 billion.
Capital allowances are an often overlooked tax relief which applies to fixtures and fittings that do not form part of the fabric of a building.
Qualifying items can include plumbing, electrics, carpet, air conditioning, lifts, fire safety or improvements.
Portal Tax boss Shaun Murphy said: “Given the economic climate, owners of commercial property need to save every penny they can, and most are unaware that they can claim significant relief for capital allowances on their fixtures and fittings. Any property owner that has not made a claim should contact their accountant or discuss it with a specialist business.”
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