When we quote, we tend to supply a full breakdown of tasks and costs, which makes it easier to identify where your finances are being spent. Increasingly, we are being asked if there are grants and other alternatives to using the banks?
Grant aid depends on several factors and it’s an area for others to comment on, but there are grants out there so do hunt or contact your financial advisor.
There is one very good, and under-used, source of grant aid that normally applies to many large refurbishments projects: Enhanced Capital Allowances (ECAs).
ECA legislation was introduced to encourage the use of energy-saving plant and machinery, low carbon dioxide emission cars, natural gas and hydrogen refuelling infrastructure, and water conservation plant and machinery in construction projects.
You can claim capital allowances when you buy assets that you keep to use in your business, eg: equipment, machinery, business vehicles, e.g. cars, vans or lorries.
As well as plant and machinery, you can also claim capital allowances for renovating business premises in disadvantaged areas of the UK. The common parts of a residential development (e.g. lifts) should qualify for allowances.