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APC - Taxation Allowances > Summary of Experience > Flashcards

Summary of Experience Flashcards

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1
Q

Ethics - Level 1

A

Rules of Conduct
1. Honesty and Integrity
2. Professional Competence
3. Good quality and diligent service
4. Treat others with respect and promote diversity and inclusion
5. Act in the public interest, take responsibility and maintain public confidence in the profession

Latest Ethics CPD Session
- APC Professionalism Module
- CBRE Internal Standard Terms of Business Training

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2
Q

Ethics - Level 2

The Mall, Ealing Broadway - Retail Premises

A

Offered a Bribe when meeting at the premises for the final time.

Heads of Terms had been agreed and the prospective tenant requested a lower rent than agreed.

Declined the bribe and informed my line manager and client.

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3
Q

Ethics - Level 2

Ignition Park, Swindon - Industrial

A

Engagement Letter
- Outline of current information we had
- Proposed scope of works
- Further information required
- Fee basis- contingency / fixed
- Estimate of allowances

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4
Q

Ethics - Level 3

National -Mixed Use Property Portfolio

A

(L&G IPIF)

Portfolio of properties receiving refurbishment and redevelopment works between YE 31 December 2021 and 2024

Client was expecting mainly Super-deduction expenditure

Advised expenditure would mainly be revenue - Managing Expectations - Good service / Honesty and Integrity

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5
Q

Ethics - Level 3

Various - Engagement Proposals and Standard Terms of Business

A

Standard terms of Business
- PII Insurance
- RICS Regulated Firm
- AML
- CHP
- Termination Clause
- Data Handling

Ensure Engagement Letter is Signed

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6
Q

Client Care - Level 1

A

Inspections / surveys, viewings, meetings, emails, phone calls

Effective and timely communication to maintain client relationships

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7
Q

Client Care - Level 2

New Cavendish Street, London - Clinic

A

Client required far more viewings, meeting and phone calls than usual

I negotiated the terms of the lease between the Landlord and the Tenant

Both parties were happy with the outcome and the client thanked me for my work

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8
Q

Client Care - Level 2

Brewer Street, London Restaurant

A

Met the client for the first time at the property

I walk round the property with the client explaining what could be claimed

Improved the client relationship and client confidence in my work

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9
Q

Communication and Negotiation - Level 1

A

Aware that effective communication and negotiation is essential in business

Maintain high standards in my professional capacity in person or online

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10
Q

Communication and Negotiation - Level 2

National - Industrial Property Portfolio

A

Communicating with various PM’s / QS’s

Receive contact information from the client initially

Requesting information and keeping up to date with cost reports and chasing final accounts etc

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11
Q

Communication and Negotiation - Level 2

Trewint Street, London - Shared Living

A

Arranged a survey with the Client and General Manager - Time Management to accommodate everyone

Discussed with General manager further information required on survey and chased following

Required information on dwellings, M&E services, plans and drawings

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12
Q

Health and Safety - Level 1

A

Recent Health and Safety CPD
- Provided by Building Surveyors internally - PPE on Site and Lone Working

CBRE’s Lone Working Policy
- Update calendar
- Inform team where you are going
- Arrange to meet someone on site

PPE
- Hard hat
- Steel toe cap boots
- High viz
- Safety goggles
- Gloves

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13
Q

Health and Safety - Level 2

Lamb Street, London - Mixed Use

A

Ensured I knew who I was meeting on site and saved details to calendar

Arrived with 5 point PPE

Signed in

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14
Q

Health and Safety - Level 2

Rathbone Place, London - Retail

A

Ahead of the meeting the client had asked that I maintained social distancing and wore a face mask

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15
Q

Business Planning - Level 1

A

Involved in the Capital Allowances annual business planning meetings

Opportunities for capital allowances
- New T&T acquisition
- Internal Project Managers (Office fit-outs)
- EV Charging opportunities

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16
Q

Conflict Avoidance - Level 1

A

The importance of conflict avoidance to resolve conflicts as early as possible

CAP - RICS Conflict Avoidance Process
- Can be written into contracts to help parties resolve conflicts outside of court

Different forms of Dispute Resolution
- Negotiation: problem solving efforts by parties themselves

  • Mediation: Third party intervention- not legally binding
  • Arbitration: Arbitrator (with specialist knowledge) appointed, bound by decision, can only be overturned by Court of Appeal
  • Adjudication: Simpler form of Arbitration, Adjudicator selected by parties, Adjudicator used their own knowledge, decision is binding until litigation / arbitration, Decision made in 28 days
  • Independent Expert Determination: Individual third-party expert appointed by parties, use their knowledge to form a decision, Decision is binding

-Litigation: A civil claim in court

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17
Q

Data Management - Level 1

A

Data Management process in Capital Allowances Team
- Keep client data confidential
- Save documents in the relevant filing structure
- Update password every 3 months

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18
Q

Diversity, Inclusion and Teamworking - Level 1

A

Aware of the Importance of Diversity, Inclusion and Teamworking
- Ensuring everyone in the team feels welcome and comfortable
- Promotes a difference in thinking and more ideas
- Team works better with different ideas and everyone is comfortable

Team split across multiple offices across the country

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19
Q

Inclusive Environments - Level 1

A

Equality Act 2010
- Provides legal protection against discrimination and inequality
- 9 Protected Characteristics
- Enforced by Law
- Types of Discrimination: Direct, Indirect, Harassment, Victimisation

Inclusive Environments
- Part M Building Regulations
- BS 8300
- NPPF
- Inclusive design: Wider openings, Lifts, Hearing Loops
- Accessible for everyone with various needs

Unconscious Bias
- Biases as a result of social stereotypes that we are unaware of

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20
Q

Accounting - Level 1

A

Difference between a Balance Sheet and Profit and Loss Statement
- Balance Sheet: Financial snapshot over a period of time - Liabilities and Assets
- Profit and Loss: Financial Performance over an accounting period - Revenue, Costs and Expenses

Capital v Revenue
- Capital: Enduring benefit to the trade / Improvement ( on balance Sheet)
- Revenue: Repairs / replacements (profit and loss)

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21
Q

Accounting - Level 2

A

Reconciling to a Companies Fixed Asset Additions
- No over / under claims
- Relevant year expenditure for FYAs

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22
Q

Accounting - Level 2

Bridgford Rod, Nottingham - Care Home

A

Capital expenditure on construction of a new Care Home

Expenditure incurred over multiple year ends, client did not want to amend previous tax returns

Included all expenditure and allocated it to the open tax return, FYAs only available for the current year

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23
Q

Accounting - Level 2

Skyway 14, Slough - Industrial

Study These Flashcards
A

Refurbishment works of Industrial Unit (L&G IPIF)

Capital and Deferred Revenue (capitalised by accounts)

Reconciled expenditure to each accounting period and to the general ledger for the wider portfolio

24
Q

Accounting - Level 3

North Circular Road, London - Storage Unit

Study These Flashcards
A

Capex Claim - Storage Unit

Expenditure between 31 December 2020 and 2024

Provided a cashflow to the client of the expenditure that would be available using different rates of relief

FYAs were available on the expenditure in the current year

Super-deduction not available on the main contract works as contract entered into before 3 March 2021

Super-deduction was available on he client’s Direct Expenditure

25
Accounting - Level 3 Barnet Way, Gloucester - Industrial
Refurbishing Industrial Unit - Dilapidations Fixed Asset Ledger was £270,000 less than Final Account Advised the client I had to remove the £270,000 from my claim to reconcile to the FAR So the tenant and landlord did not both claim the same allowances
26
Capital Allowances - Level 1
Benefits of claiming Capital Allowances - Reduces a companies profits chargeable to tax Knowledge of the key legislation in CAA2001 Types of Relief available Political and Economic Landscape influencing Fiscal Policy - Spring Budget 2024 - FHL Abolished - Autumn Statement 2023 - Full Expensing made permanent - Current rate of inflation 3.5% - Current Interest Rate 4.25% Recent CPD - Chartered Institute of taxation - Spring Virtual Conference 2025 - R&D and Capital Allowances Sessions (AIA Session and what is classified as a goods vehicle)
27
Capital Allowances - Level 2 Watermoor Point, Cirencester - Mixed Use
Apportionment Claim for Newly Qualifying Integral Features S.198 election for the allowances pooled pre sale, but provided an apportionment claim for lighting (not emergency lighting) and cold water systems
28
Capital Allowances - Level 2 Horspath Driftway, Oxford - Student Accommodation
Separate expenditure for dwellings and communal areas as per S.35 (HMRC Briefing Note 45/10 Cluster flats all part of the dwelling) Surveyed site to assess costs for dwellings and communal areas Advised client they could not claim SBAs as per S.270CF
29
Capital Allowances - Level 3 Charlotte Street, London - Office
Introduced to the client through Project Management team at CBRE and appointed New office fit out and the companies were hoping to receive Super-deduction Could not claim FYAs as Partnership of Individuals but could claim AIA
30
Capital Allowances - Level 3 Maple Way, Norwich - Mixed Use
Large EV Charging expenditure Provided a cashflow to show the difference in expenditure between ECAs and Super-deduction Advised ECAs over 50% SRP Relief I am aware EV chargers could be treated MP or SRP
31
Construction Technology - Level 1
Construction Technology CPD - Historic England CPD on GSHP: Latent heat from ground, liquid in pipes goes through compressor, then heat exchanger then heats building and back through pipes - cyclical system
32
Construction Technology - Level 2 North Circular Road, London - Storage Unit
Plenum Ceiling Costs data was high level so needed to speak with the site manager on the survey Reception and office area had a plenum ceiling- could allocate more expenditure to PMAs
33
Construction Technology - Level 2 King's Cross, London - Lab Space
Lab and Cat B Office Space Enhanced ventilation, air lock chamber and acoustic panelling Qualified for MP as trade specific
34
Construction Technology - Level 3 Warwick Street, London - Member's Club
Member's Club - 3 restaurants, gym, rooftop terrace, offices, event space Demountable partitions - Jarrold v John Good & Sons Decorative Wooden Panelling and Chandeliers in the restaurants - MP - Wimpy Case - ambience/ setting - Pannels not permanent to the structure - easily removed / demountable
35
Construction Technology - Level 3 Foundation Park, Maidenhead - Life Sciences
Offices but receive test results and confidential data Specific air lock doors and secure confidential filing rooms Advised the client that they could claim separate heating and cooling system as MP, reinforced floors and air lock doors
36
Quantification - Level 1
Site visits - Confirm specifications - Confirm details that are not in / hard to find in cost data Acquisition Claims - Use O&M manuals, building surveys, measured drawings and site visits - more informed rebuild costs
37
Quantification - Level 2
Measuring Properties - Onsite - smaller properties (5 Dray Mews) - Disto and Tape measure on floor plans - Desktop - Auto Desk based on measure floor plans (recent Acquisition - Salisbury Retail Units) IPMS - International Property Measurement Standards - Standardise measurement practices globally - IPMS 1 - GEA - Includes external walls - planning etc - IPMS 2 - GIA - Dominant face of wall - IPMS 3 - NIA - (Includes columns for IPMS) Include balconies and covered galleries
38
Quantification - Level 2 Hilthorn business Park - Industrial
Brise Soleil - 7 Industrial Units Identified Brise Soleil on the survey, but there were no costs in the breakdowns Used SPON's rates against the measurement for the properties to calculate the costs Separated the costs from the costs of the facades in the cost data provided Higher value to client by surveying the properties
39
Quantification - Level 2 Ignition Park, Swindon - Industrial
Unable to access premises Cost data, CSA and Final Account had been provided Ensured the qualifying PMAs were similar on all units despite not accessing all of them Provided CA advice on the whole industrial estate Highlighted to that client in Cover Letter that I had not been able to access 2 units
40
Quantification - Level 3 Idaline Court - Residential
BTR - Measuring - separating residential and communal space - Auto Desk Cost data from SPON's and compared the costs to a similar BTR scheme (Cost Model) as a benchmark / to improve accuracy Adjusted costs based on TPI's - Current year on year increase for TPI's: 2.3% - Current rate of inflation 3.5%
41
Quantification - Level 3 Clocktower Road, Iselworth - Industrial
Contractor went into Administration Provided with CSA and FAR - Large variation between the two PM advised that the contractor had gone into administration Surveyed site and created a more detailed breakdown to the initial works using SPON's and BCIS Elemental Headings The added the new information from the new contractor to the improved breakdown I had created to reconcile to FAR
42
Valuation - Level 1
RICS Red Book - Most rigorous standards for valuation globally - 2025 Changes: - Alignment to International Valuation Standards 2024 - New content on modelling methods - Changes in areas of technology, AI and Sustainability Fair Valuation / "Just and Reasonable Apportionment" - S.562 Acquisition Claims - Request relevant documents - Measure areas - Rebuild costs (Adjust for TPI's) - Residual / Comparable Valuations (Bare Site Value) - Apply to VOA Apportionment Formula Comparable and Residual Methods - Use and average of the two - Hierarchy of Evidence (Comparable Method) - Category A - Direct comparable: completed transactions, similar area, accurate - Category B - General Market Data Category C - Other Services: Different assets / locations
43
Valuation - Level 2 Watermoor Point, Cirencester - Mixed Use
Apportionment Claim - Hotel, Office, Warehouse VOA Formula and S.562 - Measured floor plans - Auto Desk - Rebuild costs using SPON's and BCIS - Rebased costs using TPI's - Qualifying newly qualifying Integral Features - Used a residual valuation (not good comparable)
44
Valuation - Level 2 Fenny Lock, Milton Keynes - Distribution Centre
Overage Apportionment Claim Used information provided by the client, measurements and a cost model to calculate the rebuild cost Used Comparable and Residual valuations
45
Valuation - Level 3 Dray Mews, Hampshire - Furnished Holiday Let
FHL Acquisition - before the legislation was abolished - Spring Budget 2024 / April 2025 - Met the client at the property - Measured the Property with disto and floor plans - Used CBRE data base and Spon's for rebuild costs - Compared costs to standard BCIS costs in area - Recent New Forest comparable - VOA formula - Meeting with client via Teams to explain the report
46
Valuation - Level 3 Molly Millars Lane, Wokingham - industrial
Industrial Acquisition where the seller was not in the UK Charge to Tax - Seller had not claimed CAs - No S. 198 election Enquired with HMRC on previous owners of the property - TR1 Form: Title number, Property description, Property address, Parties involved, Date, Sale price, Signatures and witnesses Contacted the initial owner of the property to ask if CAs had been claimed Advised the client on a Unrestricted claim - Advised in cover letter that if CAs had been claimed the value could be reduced to nil
47
Contract Practice - Level 1
Various Standard Forms of Contract - JCT - Joint Contracts Tribunal - Construction Contracts - NEC - New Engineering Contract - Engineering Contracts - FIDIC - International Engineering Contracts JCT Contracts - Standard - Intermediate - Minor Works - Design and Build Procurement Methods - Managing Contracting: Client appoints 1 Contractor, Contractor appoints Sub Contractors (Client only has 1 contract) - Construction Manager: Acts as an Agent, Manages the multiple contracts between Client and Contractors (Client has multiple contracts) - Design and Build - Traditional More information available on traditional Procurement routes than D&B
48
Contract Practice - Level 2
Construction Contract - Parties Involved - Relevant dates SBA Statements - Property address - Property Description - Date of Main Contract - Date building brought into Non-Residential Use - Cost of SBAs - Assets included PC Certificate - Date of Main Contract - Date of Practical Completion - Half of retention released - Items of snagging will still remain - Property handed back to client
49
Contract Practice - Level 2 Overland Park, Leeds - Office
Capex on Office Fit Out - Design and Build Minimal breakdown: high level packages Required a site survey to assess the assets where expenditure had been incurred that was not in cost breakdowns
50
Contract Practice - Level 2 Various Projects - Contract Terms
Engagement Letter - Proposed services / scope of works - Client's entitlement to claim CAs - Estimate - Further information required - Proposed fees Contact information required for surveys and information requests Standard Terms of Business - Payment terms / dates - Quality assurance - Termination of contract - PII - AML - CHP - Data Handling
51
Contaminated Land - Level 1
Importance of identifying contaminated land Contaminated Land - Definition - If it is causing relevant harm - There is a possibility to cause relevant harm -It is causing or there is a possibility it could cause serious pollution in groundwater, streams, rivers or coastal waters Contamination risks - Asbestos - Oils and Tars - Japanese Knotweed - Agricultural Land Contamination Derelict Land - Land that is so damaged by previous industrial or other development that it is unable to be used without treatment - Land that has been in a derelict state since 1 April 1998 or Derelict when the land was acquired - Post tensioned concrete - Building foundations and machinery bases - Reinforced concrete pile caps - Reinforced concrete basements - Below ground redundant services Finance Act 2001, Updated in Finance Act 2009, Within Corporation Tax Act 2009
52
Contaminated Land - Level 2 Kingsditch Industrial Estate, Chelmsford - Industrial
Refurbishment works of Industrial Units - Asbestos Asbestos survey and removal works of asbestos qualified for 150% LRR I was able to allocate the strip out and demolishment works at the same rate as per S. 26
53
Contaminated Land - Level 2 London Road, Bedford - Industrial
Capex report - Industrial Unit - Japanese Knotweed Large costs for the removal of "Weeds" Questioned if the costs were for Japanese Knotweed - Spoke to the contractor to confirm - No Japanese Knotweed identified - Did not have to take any further precautions
54
Sustainability - Level 1
BREEAM - Building Research Establishment Environmental Assessment Method - Ranges from Acceptable - Outstanding EPC Ratings - Energy Performance Certificate - Current minimum EPC Rating is E MEES - Minimum Energy Efficiency Standards - 2023 Updates - All tenancies new and existing must comply to EPC E - Anticipated changes - C by 2027 and B by 2030
55
Sustainability - Level 2
Removal of ECAs 2020 - Previously could claim on: - Energy or water efficient technologies - Technologies that are environmentally beneficial Current qualifying ECAs - S. 45EA - EV Chargers - Low or zero emission vehicles - Gas refuelling stations Sustainable Expenditure that qualifies for CAs - New Buildings : Brise Soleil, Solar Panels - Existing Buildings: Thermal insulation S. 27/28
56
Sustainability - Level 2 Hexagon Tower, Manchester - Life Sciences
Overcladding project Necessary works to prevent heat loss from the building and health and safety of mosaics falling - Claimed SRP - S.27 - Concrete to aluminium overcladding
57
Sustainability - Level 2 Ellis Grove, Beeston - Care Home
Working with a colleague in the ESG team They asked how to improve the green credentials of a buildings Advised that they can't improve the green credentials of a building through capital allowances but can claim CA's on some sustainable technologies: - New: EV chargers , PV panels - Existing: Thermal Insulation

APC - Taxation Allowances (21 decks)

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