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 moreFollowing 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 moreIn 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 moreAn 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 moreNurseries have substantial imbedded plant and machinery (P&M) items and repairs. However the less obvious items often get overlooked by accountants, surveyors and tax advisors.
Why does this happen?
There are many obvious items of plant such as loose furniture and fittings which accountants can easily identify and segregate to allowances. However there are additional imbedded trade related items […]
Read moreWhen to call in a capital allowances specialist?
Many construction professionals have some knowledge of capital allowances. This can be helpful as it flags the benefits of tax savings to clients. Though as, Alexander Pope mentioned, ‘A little learning is a dangerous thing’.
This article flags why allowances are helpful to tax paying clients. It sets out […]
Read moreGarden centres can benefit from additional tax relief on purchase and construction expenditure.
There are around 2,500 garden centres in the UK. Most are full scale “leisure destinations” with some evolving from local nurseries to others being newly constructed. Not only do they provide a range of plants and garden furnishings, but additional facilities such as […]
Read moreSome accountants are bravely proclaiming they do not require specialist valuation support when clients buy or construct buildings. This article considers why this can be a dangerous economy which may result in PI claims.
A Property purchases – “My lawyer and accountant claim the allowances – why do […]
Read moreEnterprise Zones were reintroduced in 2012 to encourage economic growth and investment.
Businesses basing themselves on Enterprise Zones can access a number of benefits:
Up to 100% business rate discount worth up to £275,000 per business over a 5 year period
Simplified local authority planning
Government support to ensure that superfast broadband is rolled out throughout the zone, and, […]
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