Business Premises Renovation Allowance

Owners of a dilapidated or unused business premises  would normally have to capitalise the cost of initial renovation and conversion work. This expense would be allowable as a capital expenses but would be disallowed for the year to year income tax calculations.

The Business Premises Renovation Allowance allows owners to claim the renovation costs as an expense to be set against the income from that property on their annual Income Tax Returns, even if they rent the property out to another business.

This allowance is coming to an end at the beginning of April 2017 so work would need to be completed before then.

Please see the HMRC website or call us for details of the scheme and to see whether it may be applicable to you.