Freeports & Capital Allowances – Boosting the Economy Through Investment

By : Julie Davies November 17, 2020 No Comments

As part of an ongoing consultation process, HMRC is considering the creation of Freeports across the UK. These Freeports will be located around air, sea and rail ports and will be governed by different customs and tariff status. Local authorities, operators of ports, airports and rail, and businesses will bid to create a designated Freeport, […]

Capital Allowances Fact Sheet – Offices

By : Julie Davies September 29, 2020 No Comments

Both owners and occupiers of office buildings can claim substantial capital allowances but this opportunity is often missed. This can be due to confusion over the capital allowances rules changes or because non-specialist solicitors, accountants and tax advisors do not recognise the full potential of available allowances. Frequently, construction cost information can be unhelpful and […]

Capital Allowances Article: Revenue or Capital – A Concrete Decision

By : Julie Davies September 23, 2020 No Comments

Steadfast Manufacturing and Storage Limited (SM&S) successfully appealed against HMRC for a revenue amendment of £13,428.20 for the accounting period ending 31 October 2015. The appellants also appealed a consequential amendment of £1,489.80 for the accounting period ended 31 October 2014. The amount initially disputed by HMRC related to expenditure incurred on a yard used […]

Estates Gazette Front Page Ad – Cash in Capital Allowances

By : Julie Davies May 13, 2020 No Comments

Unlocking Cash – How to Maximise Through Capital Allowances

By : Julie Davies March 25, 2020 No Comments

When businesses suffer catastrophic blows to their cashflow, as many are
experiencing now, it is important to explore every opportunity there is to
raise cash.

Claiming capital allowances provides such an opportunity.

Amending Tax Returns to Claim
Historic Expenditure and Reduce Tax Payable Now

Reducing tax bills is an easy way to retain cash and it is vitally
important now to maximise […]

Lovell Consulting Commentary on March 2020 Budget: Capital Allowances Changes

By : Julie Davies March 18, 2020 No Comments

The Chancellor, Rishi Sunak’s ‘get it done’ approach did not really extend to capital allowances. There was a modest lift to Structures and Buildings Allowances.

The capital allowances changes are below:

The Structures and Buildings Allowances was introduced in Finance Act 2019 to encourage the construction of new or renovation of existing non-residential structures and buildings. […]

Urenco V HMRC Capital Allowances Tax Tribunal

By : Julie Davies January 9, 2020 No Comments

Overview

There has been a recent
First-Tier Tribunal (FTT) case on whether Urenco (Appellant) is entitled to
claim capital allowances in respect of the disputed expenditures on the
construction of Tails Management Facility (TMF) at a nuclear site. Total
project cost is circa £1bn. Most of the expenditure qualifying for capital
allowances has been agreed. However, HMRC (Respondent) contends disputed
expenditures of […]

Season’s Greetings from the Busy Capital Allowances Elves

By : Julie Davies December 11, 2019 No Comments

Capital Allowances Article: How to Handle the Structures and Buildings Allowance

By : Julie Davies December 4, 2019 No Comments

Capital Allowances Case: Update on SSE Generation Limited v The Commissioners for HMRC

By : Julie Davies December 3, 2019 No Comments

UPPER TIER TRIBUNAL TAX CHAMBER

There have been a run of cases heard before the courts
relating to civil and structural works, with debate about what constitutes a
structure as opposed to plant.

In August 2019, the FTT heard The Cheshire Cavity Storage 1
Limited v Anor case. This concerned a
taxpayer who operates gas storage facilities and created […]