Valuation for Apportioned Purchase Price on a Cambridge Property
4690
£500(approx. $626)
- Posted:
- Proposals: 0
- Remote
- #77354
- Archived
Description
Experience Level: Expert
Small UK Chartered Tax Adviser firm is looking to engage a Surveyor/Valuer to provide a professional valuation report of i) bare land, ii) whole building and iii) fixtures (e.g. integral plant & machinery) in respect of a capital allowances claim on the fixtures for a commercial property (approx 80 years old and originally built and used as a house) in Cambridge, UK. Core details (e.g. floor plan and description) and photos of the property including full list of plant and machinery (e.g. electrical, heating and water systems and kitchen and toilet fixtures) will be provided in a ‘property information pack’ from which the valuation report is to be prepared. The valuation is to be as at 1999 when the property was acquired by the current owners for circa £300,000.
As an alternative to providing the valuation remotely (based on photos provided) then the Valuer can visit the property in person to inspect. Please state in your quote whether the quote is for a remote or 'in person' valuation (or provide both quotes).
To ascertain the amount of the plant and machinery claim, Section 562 Capital Allowances Act 2001 requires a ‘just and reasonable’ apportionment of the 1999 purchase price between the qualifying items of plant and machinery (we will provide a list) and the non-qualifying building and land using the formula under VOA Capital Gains & Other Taxes Manual - Section 3 para 3.31 b) or c):
The value of the bare land is the open market value at the date of purchase with access and planning permissions in place. The value of a) the itemised plant and machinery and also b) the value of the whole building are the estimated ‘brand new’ replacement costs at the date of purchase (in 1999). General guidance is provided in the above VOA’s Capital Gains & Other Taxes Manual - Section 3 - Part 3.
Bids should either be a fixed fee for the valuation report plus an hourly rate for dealing with any subsequent valuation queries from the VOA or a fixed fee including both the report and any resulting valuation queries from the VOA.
The valuation report is to simply be used as an attachment to the property owners' tax returns prepared by us and then sent by us to HMRC. It is expected that the valuation report will be fairly brief (say, max 4 pages long).
As an alternative to providing the valuation remotely (based on photos provided) then the Valuer can visit the property in person to inspect. Please state in your quote whether the quote is for a remote or 'in person' valuation (or provide both quotes).
To ascertain the amount of the plant and machinery claim, Section 562 Capital Allowances Act 2001 requires a ‘just and reasonable’ apportionment of the 1999 purchase price between the qualifying items of plant and machinery (we will provide a list) and the non-qualifying building and land using the formula under VOA Capital Gains & Other Taxes Manual - Section 3 para 3.31 b) or c):
The value of the bare land is the open market value at the date of purchase with access and planning permissions in place. The value of a) the itemised plant and machinery and also b) the value of the whole building are the estimated ‘brand new’ replacement costs at the date of purchase (in 1999). General guidance is provided in the above VOA’s Capital Gains & Other Taxes Manual - Section 3 - Part 3.
Bids should either be a fixed fee for the valuation report plus an hourly rate for dealing with any subsequent valuation queries from the VOA or a fixed fee including both the report and any resulting valuation queries from the VOA.
The valuation report is to simply be used as an attachment to the property owners' tax returns prepared by us and then sent by us to HMRC. It is expected that the valuation report will be fairly brief (say, max 4 pages long).
C K.
100% (2)Projects Completed
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14 Dec 2020
United Kingdom
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