TAX: Business Premises Renovation Allowance
The Business Premises Renovation Allowance (BPRA) was due to come to an end in 2012, however, take up has been good so it has been extended to 2017.
The BPRA is effectively in place to encourage renovation and conversion of empty and disused properties in, what are considered, deprived areas. They also need to have been vacant for over one year to qualify.
This particular tax relief provides 100% tax relief on capital costs required to rectify the property back to working use and is available to sole traders, partnerships and limited companies. The cap is high as well at 20,000,000 Euros for any single investment project.
Failure to meet all criteria will mean some tax relief is still available but at the rate of 25% per year.
Considering starting up a dental practice or medical consultancy business from scratch? Or relocating an existing practice?
This could be an opportunity for a tax break.
To find out more about the BPRA for your circumstances or to setting up or relocating a dental or medical business, contact our specialist team on:
: 020 7376 9333