Case study

Fit-out and refurbishment

Gateley Capitus

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The owner of one of London’s most prestigious office buildings engaged us to carry out a full analysis of expenditure incurred on a program of renovation and refurbishment.

The project spanned 4 tax years requiring us to prepare year-end claims for each period to ensure that our client took full advantage of the tax reliefs available as early as possible.

  • Project Type: Review and analysis of expenditure incurred on the refurbishment of a major London office building
  • Total expenditure: £32m
  • Total plant and machinery allowances: £14m of which £4.2m qualified as enhanced capital allowances (ECAs)
  • Total tax saving @ 20%: £3.34m including identification of revenue deductions and Land Remediation Relief

The project encompassed the stripping out to shell and included the removal of asbestos, providing an additional £180k cash flow benefit.  Furthermore, we worked very closely with the design and mechanical & electrical teams to maximise the amount of expenditure qualifying as enhanced capital allowances.  This resulted in over £800k of first-year allowances further improving cash flow during the construction program.

This was a challenging project with a great deal of complexity requiring us to liaise with a variety of stakeholders including internal property and finance teams and external contractors and advisors.  We provided a central function ensure that information flow was maintained and all relevant parties understood the benefits of our service and the best way to achieve the desired outcomes.