Think Assets carried out a capital allowance review for a UK listed automotive business. Examining much of the capital expenditure that had been incurred by the company in the previous seven years across a number of automotive brands including Land Rover, VW, Mercedes and BMW showrooms.
The business had developed, refurbished and acquired directly a number of new sites. They had also undertaken several M&A acquisitions both asset based transactions and share purchases. The complex history of the group had to be first understood and then forensically examined to ensure that all tax relief that could be claimed had been identified.
Due to the good relationship that the client held with HMRC and a desire to maintain such, we proactively involved tax authorities in the work at the outset, which ensured that the claims that were in excess of £2.4m were agreed in full and that questions from HMRC were dealt with immediately, without the need to open formal enquiries.
Following the historic review we worked closely with the company to ensure that all future property expenditure was analysed more accurately first time.