Retail sector owners are often overlooking substantial tax allowances. This happens because their accountants and tax advisors may only pick up simple & obvious plant and machinery (P&M) items, such as chairs, tables, shop display and fittings. When fitting out or refurbishing a retail unit, the construction expenditure is generally not very well detailed for capital […]Read more
‘Free’ £10,000 and extra tax savings for SMEs investing in green technologies
In the current economic climate, a significant external pressure on UK businesses is to reduce their “carbon footprint”. While implementation of new processes and sustainable equipment may be easier for large organisations with bigger budgets, Small and Medium Sized Enterprises (SMEs) may struggle […]Read more
Capital allowances and contaminated land can have a significant impact on the financial viability of student accommodation projects. Lovell Consulting are actively involved in several student accommodation projects. This note sets out the key capital allowances planning points.
Site Acquisitions potential tax allowances
Where a site is purchased with existing buildings may contain plant and machinery such […]Read more
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 recent April 2014 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 […]Read more
Substantial capital allowances are available on the construction of data centres. Up to 90% of expenditure on new build date centres, or higher, can potentially qualify for capital allowances. The reason for this high level of allowances is that the buildings are normally quite simple enclosures containing vast amounts of mechanical and electrical plant.
Types of […]Read more
As acknowledged in HMRC’s Capital v Revenue Expenditure Toolkit, ‘there is no single, simple test that can be applied to decide which items are capital expenditure and which are revenue’
Differentiating between capital and revenue expenditure can be complex and in the absence of any definitive direction from HMRC, consideration has to be given to legislation […]Read more
Following on from the April 2014 changes to the Capital Allowances fixtures legislation, there is now more of a requirement for careful planning and technical due diligence to ensure Capital Allowances are not lost to Buyers of commercial property.
Buyers are increasingly reliant on the answers they receive to the Commercial Property Standard Enquiries (CPSE) sent […]Read more
In 1776 Sir Joshua Reynolds painted a portrait later purchased by the 5th Earl of Carlisle. The painting was taken for display at the family seat at Castle Howard in Yorkshire where for the next 200 years it remained until being sold for over £9m in 2001 on behalf of the late Lord Howard.
The recent […]Read more
An extra £10bn capital allowances will need to be identified each year to mitigate the restrictions on tax relief for bank interest and carried forwards tax losses. Few companies, particularly in the property sector are aware of this fundamental change to UK taxation.
In the current season of Panamania with the attention on tax havens, avoidance […]Read more