Annual Expenditure Monitoring
Many property owners and occupiers are continually having to incur expenditure on both repairs and maintenance and refurbishment. No doubt some of this expenditure will be capitalised, part of which will qualify for capital allowances, whilst the remainder will be written off as revenue expenditure.
PJB is able to offer an annual expenditure monitoring service which endeavours to maximise tax benefits by identifying and claiming all qualifying capital allowances as well as repair and maintenance expenditure which can be included in the profit and loss account.
The annual monitoring service will consist of some or all of the following, tailored to suit each individual client's needs.
- Reviewing the annual expenditure records for each property in the client's portfolio to establish which may be categorised as capital and which as revenue.
- If appropriate, establishing a system for the recording of expenditure to simplify future annual monitoring.
- Liaising with the relevant surveyor or property manager to, where necessary, determine the nature of the expenditure incurred.
- Categorising expenditure into headings suitable for the consideration of the Inspector of Taxes.
- Where necessary, carrying out an inspection of the properties where further identification of assets and areas of expenditure need to be made.
- Preparing schedules of revenue expenditure and capital allowances as necessary for each property and submitting these to the Inland Revenue.
- Negotiating, where necessary, and agreeing submitted schedules with the client's Inspector of Taxes.
- If required, providing the client with a categorised and summarised schedule of annual expenditure, customised to suit the client's individual needs.