Frequently Asked Questions
Tax relief for construction projects can be confusing and even intimidating. We want to help all businesses (including their advisors) understand what allowances are available and help them make legitimate tax claims. If you have a question not covered by below, please contact us.
What are capital allowances?
Capital allowances are a way of obtaining legitimate tax relief on some types of capital expenditure (e.g. commercial property, plant and equipment). They work in the same way as your personal tax allowance only for businesses. Eligible expenditure reduces the amount of business profits that are subject to income or corporation tax.
Because not all capital expenditure qualifies for allowances and different items can attract varied rates of relief, a 'segregation' exercise is needed to identify the correct and optimum treatment for tax purposes for almost all construction projects.
What types of project is FurastaHUB designed for?
The system is designed to let you understand what allowances (including land remediation relief) are available for capital expenditure on a wide variety of commercial construction projects.
The system organises pre-defined construction/work descriptions around an entitlement framework (i.e. to check eligibility for repairs, plant and machinery, land remediation and enhanced capital allowances), Only items with a legitimate entitlement are tracked and these in turn are flagged using a traffic light system to make sure users understand what is straight forward and where judgement is needed. Each item contains summary guidance, HMRC manual references and tax case law commentary; it is as much a knowledge platform as a tool to prepare or estimate claims.
What is a project tax template?
A project tax template is a refined list of building cost items and elements tailored to a particular trade, tax status, circumstance and property type.
Project cost templates are generated and stored online so as to keep up to date with developments in case law, HMRC guidance and practical application.
Templates can be downloaded on completion of cost item entry in CSV format to support PDF reports.
What types of building projects are included?
We constantly review and update the types of building project included and if you do not see your type listed, let us know.
The system currently has scenarios for: - Call Centres, Car Park (Multi Storey), Commercial Office, Data Centre, Doctor's Surgery or Health Centre, Dwelling House or Flat*, Food Outlet (High Street), Furnished Holiday Letting*, Garage or Workshop, Gym or Sports Hall, Hotel, Industrial Warehouse, Industrial Warehouse (mixed use), Leisure Centre, Manufacturing Facility, Motor Dealership, Motor Store, Nursing or Residential Care Home, Pharmacy, Pub or Restaurant, Retail Shop, Retail Warehouse or Depot, Serviced Office Accommodation, Shopping Centre, Student Apartments*, and, Training Centre (*subject to additional restrictions).
You can also view all cost elements by selecting ‘Unlisted(General Building)’.
What's the best way to access the system - mobile or desktop?
Because of the level of content the best way to access and use the system is on a tablet, laptop or PC for which you will need internet access.
What if my accountant does my capital allowances claims already?
Many large accountancy firms have dedicated capital allowances teams (or arrangements with boutique specialists). Capital allowances is a specialist activity and it is because of that the system has been developed. To make specialist knowledge more accessible to individuals, accountants, surveyors and tax professionals and make it easier for non-specialists to plan and prepare capital allowances claims.
If you are a business that offers capital allowances as a service already, the platform may allow you to expand delivery of construction claims to local teams (and therein solving a common recruitment challenge) whilst keeping control of results and what is reported.
What if we use a capital allowances expert already?
Great, we love capital allowances specialists and fully recognise the value they can bring; particularly for large claim portfolios and complex cases (we have our own with 20yrs+ experience). Now you have another option (even if it's just for benchmarking claim results, cost or checking arguments on what qualifies and why).
Can FurastaHUB fully replace my capital allowances expert?
No. There will be some occasions when you will still need to engage with an expert, such as claiming for R&D reliefs, large claim portfolios or complex cases. We can help in all these instances, contact us to find out more.
Do I need to be a tax expert?
No. The system contains a lot of guidance and system controls to keep users on track. It is used by accountants, tax professionals and surveyors who wish to make claims or simply understand what's available for planning purposes.
Do I need to be a construction expert?
No. But you will need access to project cost information to complete the project cost template. In recognition of the fact construction information is not designed for tax purposes and can often be insufficient in detail, there is a delegation function* that allows users to 'assign' cost categories for completion by someone else (e.g. real estate construction teams/suppliers). *Not available on standard system
What information do I need to complete the project template?
Users should have a good knowledge of the construction project and have access to building cost plans and/or tender quotations (either directly or indirectly via another team member).
Can I capture information onto FurastaHUB in real time or do I need to wait until my project is complete?
It's entirely up to you, but you will find that claims are best made on a real time basis and finalised on completion.
How do I know I am inputting costs correctly?
When you start completing the project cost template you will be asked set up questions to allow the system to sort the information required so you don't need to work your way through irrelevant questions.
How is the report generated?
Report generation is automated once control checks are complete (including apportionment algorithms for fees and preliminaries).
What will the report contain?
The report will contain the required information to allow you to progress (or not) with a claim. You can do this yourself, get your current advisor to do it, or engage a specialist such as ourselves to help where the report indicates complexities.
Can I have my own logo on the report?
Yes. Reports can be adapted to have company logos, name, contact details as well as your own disclaimer.
How long can I store my data?
As long as you want (subject to a valid subscription).
Can I use the system to let me decide whether I should make a claim or not?
Yes. It's entirely up to you.
Is the report compatible with the information that HMRC will request?
Yes. All the terminology, questions asked and output (report) generated reflect the questions that HMRC ask when you complete your tax return.
Is there anything else like FursataHUB in the market?
No. We don't believe there is and certainly nothing as transparent.
What differentiates FurastaHUB from what everyone else does?
The system puts clients and advisors in control.
What training will be available?
We provide a range of training options to suit user needs (subject to additional cost). Contact us to get more information.
Can the forms be adapted?
Yes. Master cost sections can be changed, and costs items added if needed (subject to additional cost). Contact us to get more information.
Are there any limits on data storage?
No. Although this will always be under review through our fair use data storage policy.
How secure is the system?
FurastaHUB is written on Ruby on Rails, which is a web application framework. You might not have heard of Ruby on Rails, but you will have heard of some of the other platforms that use it – Airbnb, Groupon, Zendesk, GitHub. Data storage for Ruby on Rails is on Amazon N3.
What is FurastaHUB not suitable for?
Acquisitions, large or very complex construction projects where information is poor and where there is no collective support to work together.