There are many reasons why an individual, partnership or company may not have claimed capital allowances that they were entitled to claim.
They may have been in a loss making position when they incurred the expenditure and therefore felt there was no benefit in claiming them. They may have been paying interest on a loan which put them in a non-taxpaying position. Or, they may simply not have been aware either that they were entitled to claim or the extent of the items that they could claim. Whatever the reason, it is very common to find situations where taxpayers have not claimed items of plant and machinery that they were entitled to claim capital allowances on.
However, if a company has inadvertently not claimed capital allowances on historic expenditure, there is no time limit on how far back you can go to identify and claim those capital allowances now.
This exercise can mitigate future tax liabilities and can even result in repayments of overpaid tax depending on the most recent open tax year of the taxpayer who incurred the expenditure.
Gateley Capitus offers a free review of historically incurred expenditure and a methodology for identifying and claiming any unclaimed capital allowances.