Portal Tax Claims offers income opportunities for brokers who have clients with commercial premises that may have yet to take advantage of existing capital allowances.
Capital allowances are available when money is spent buying or improving a property; HMRC allows the owner to offset some of that expenditure against profits or general income for tax purposes.
Portal Tax Claims say that if an intermediary’s client owns commercial property, either freehold or on a lease of 30 years or more, there is an estimated 96% chance they qualify for a substantial income tax or corporation tax refund and that there are an estimated two million properties that qualify.
Brokers can make thousands of pounds by introducing new cases to Portal Tax Claims, on which they pay commission on each case – the average claim is worth over £100,000 on which Portal Tax Claims charges just 6%.
Qualifying criteria includes:
- The property is classified as commercial (e.g. shop, office, factory, warehouse etc.)
- Is not held in a pension fund, the Government, charity or treated as stock.
- The purchase price was at least £200,000
- The owner is a UK taxpayer – could be an individual, an LLP, a PLC or a Ltd company
The firm states that the largest source of new business comes from referrals by professionals, such as property professionals and financial advisers.
Shaun Murphy, CEO, Portal Tax Claims:
“It is shocking that so many commercial premises owners are unaware that such valuable capital allowances are waiting to be claimed. Sadly, the reality is that the process is complicated and specialist knowledge and expertise is required.
"The majority of our new business comes from referrals from other professionals and we believe that financial advisers can use our service to add value to their clients, in addition to receiving a generous fee for themselves.
"We provide a full suite of information contained within a personalised agent’s area on our website, which includes a library of letters, marketing material, technical brochures and an agent’s toolkit.”
