Tax Refunds For HMO & Commercial Property Owners

by Mark Alexander

22:09 PM, 1st June 2014
About 5 years ago

Tax Refunds For HMO & Commercial Property Owners

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Tax Refunds For HMO & Commercial Property Owners

HMO landlords and commercial property owners will no doubt be very interested in a meeting I had with a chap called Bill Lorryman recently because he has this very simple business proposal …. Tax Refunds For HMO & Commercial Property Owners

If you are an HMO landlord or commercial property owner and Bill can’t get you a tax refund then you don’t owe him any money.

It get’s better though!

  • Bill only charges a percentage of what he saves you.
  • He works WITH your accountant.
  • His advice is insured so if his work triggers a tax investigation or a request for a repayment of a refund within 6 years it’s covered by professional indemnity insurance.

Now at this point you’re probably thinking as I did ….

“surely my accountant will have claimed all possible allowances?”

Well apparently that’s highly unlikely to be the case. This is because Bill works in a specialist area of tax called Capital Allowances and unless you have had your business assets surveyed by an experienced Capital Allowance expert, you have definitely not claimed for the allowances you are entitled to.

There really are No-Up-Front-Costs, not even for the survey!

Interesting stuff hey, no wonder Bill is doing so well.

I can’t see the catch, especially as it’s no win no fee and backed by insurance.

I just wish I had a few HMO’s or commercial properties myself that I could test this with 🙁 My assets are all residential or in a pension scheme.

For due diligence purposes I asked Bill to refer me to a Chartered Accountant that has worked with him. I spoke to Chris Bailey, a Chartered Accountant based in County Durham who confirmed that of the last 500 capital allowance claims for HMO’s and commercial properties he has been involved in, the average tax refund was £31,250.

If you contact Bill, please let me know how you get on.



Comments

Mick Roberts

12:02 PM, 2nd June 2014
About 5 years ago

Yeah, I need to chase this up. It might even be Bill that's rang me. It's been in my diary for about 18 months.
I've had several houses since about 2008 where several independent different tenants, & they tell me that I can get this Capital allowance tax refund on all the houses, where more than one tenant.
So u may have prompted me to make that call.
Some of the guys charge a fee up front which was putting me off.

Yes ha ha don't laugh, checking my paperwork, it is Bill Lorryman, I'll ring him today or Bill if u have my number, bell me soon as u can. I'm away Wednesday onwards.

Now I've seen a referral through Prop118, makes me feel a bit more bona fide.

Paul Maguire

8:44 AM, 21st February 2015
About 4 years ago

As the owner of one HMO for 15 years my interest was stirred. Then I read this on cap-allow.com It's just their view but could work out expensive in later years [beyond the 6 indemnifying ones].

"We have become increasingly aware that owners of HMOs and similar properties have been aggressively targeted by new advisers claiming to be capital allowances ‘specialists’. We have even seen this described as 'zero risk'.

Some of these firms say that it is possible to claim capital allowances for assets in all parts of the properties. They suggest that about 25% of the purchase price may be attributable to P&M.

Others say that it is only possible to claim for assets in communal areas of the property (eg, corridors, stairs, halls and landings etc.) that do not in themselves provide any ‘facilities required for day-to-day private domestic existence’. They suggest that about 5-8% of the purchase price may be attributable to P&M.

In our view, both of these positions are mistaken. HM Revenue & Customs (HMRC) operates a 'process now, check later' policy. So statements and repayments are generated automatically long before ever being looked at by a real person. A taxpayer making an inappropriate claim for allowances could not only see that claim rejected, but could also be charged interest and penalties, up to 20 years after the initial claim has been made and seemingly accepted by HMRC."


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