Capital Allowances – Furniture, Fixtures and Equipment Expenditure

By : Julie Davies November 6, 2019 No Comments

Capital Allowances – Keeping track of accounts coded Furniture, Fixtures and Equipment expenditure – Be careful!

Typically, Accountants recognise the potential to claim
allowances on accounts coded Furniture, Fixtures and Equipment (FF&E). This
is normally for directly paid invoices for equipment where the invoice
descriptions are clear and unambiguous. These are normally identified in the
commercial accounts and coded […]

HMO Lettings & Capital Allowances

By : Julie Davies October 28, 2019 No Comments

HORA TEVFIK V THE COMMISSIONERS FOR
HER MAJESTY’S REVENUE & CUSTOMS

FIRST TIER TRIBUNAL TAX CHAMBER (FTT)

Claiming capital allowances on Homes of Multi Occupancy (HMO)
has long been a hot potato, with confusion surrounding what is deemed to be
within a residential dwelling and what is not. To clear up any misconceptions,
in recent […]

Celebrating 22 years of Lovell Consulting, ‘It seems like yesterday’

By : Julie Davies October 8, 2019 No Comments

Estates Gazette Front Page Ad: Enhanced Capital Allowances

By : Julie Davies October 3, 2019 No Comments

Groundhog Day – HMRC Loses Appeal To Upper Tax Tribunal: Late Capital Allowances Claim

By : Julie Davies August 8, 2019 No Comments

Further to our article titled ‘The Lazarus Impact – Making very Late Capital Allowances Claims’ where the First Tier Tax Tribunal allowed a pub company (the taxpayer) to file a very late capital allowances claim. HMRC appealed the First Tier Tax Tribunal’s decision at the Upper Tax Tribunal.

The taxpayer won again and HMRC
lost the […]

Definition of what Constitutes Qualifying Expenditure for BPRA Claims

By : Julie Davies May 9, 2019 No Comments

LONDON LUTON HOTEL BPRA PROPERTY FUND LLP V THE COMMISSIONERS FOR HMRC

FIRST TIER TRIBUNAL TAX CHAMBER

This is a significant case heard by the First Tier Tribunal
(FTT) concerning a BPRA claim and the definition of qualifying expenditure ‘on
or in connection with’. HMRC have
typically considered that BPRA claims often include items of expenditure that
they deem […]

Structures and Buildings Allowances – Update

By : Julie Davies April 18, 2019 No Comments

Following the announcement in October 2018 of the
introduction of a new capital allowance for expenditure incurred on non-residential
structures and buildings (SBA), HMRC have now published detailed secondary
legislation for consultation.

Comments are invited by 24th April 2019, with an
overall response to the consultation published in May 2019.

Once finalised, it will be introduced as a Statutory
Instrument and the […]

Resolving Capital Allowances Figures where Buyer and Seller are unable to agree quantum of Allowances on a Nursing Home

By : Julie Davies March 15, 2019 Comments Off

GLAIS HOUSE CARE LIMITED V THE COMISSIONER FOR HER MAJESTY’S REVENUE & CUSTOMS [2019]

UKFTT 0059 (TC)

Summary

HMRC has lost an interesting capital allowances case where it tried to limit the Taxpayer’s purchase price attributable to second-hand fixed plant and machinery to £1. The tax payer had claimed allowances of £318,792 based […]

Capital Allowances Plant and Machinery in a Civil Engineering Context Update

By : Julie Davies February 28, 2019 Comments Off

UPDATE ON CASE

SSE GENERATION LIMITED V THE COMMISSIONERS FOR HMRC

HMRC TO CHALLENGE THE FIRST TIER TRIBUNAL TAX CHAMBER RULING

HMRC have decided to challenge the ruling given by the First Tier Tax Tribunal which they considered was largely in favour of the taxpayer. The case is to be heard by […]

Capital Allowances: HMRC Clutching Straws on a Grain Storage Structure

By : Julie Davies February 13, 2019 Comments Off

HMRC clutching straws on a grain storage structure :

Stephen May and another v HMRC [2019] UKFTT 32 (TC)

Overview

There has been a capital allowance case to determine whether a facility for drying, conditioning and storage of grain is a “silo provided for temporary storage” within the meaning of Capital Allowances Act […]

Technical Resources