INDEPENDENT CAPITAL ALLOWANCES SPECIALISTS

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Capital Allowances: Research and Development Tax Case

Recent Research and Development (R&D) Tax Case Implications for Capital Allowances Claims

Appeal Number: TC/2019/06690

Grazer Learning Limited appealed against HMRC for a tax credit enquiry amounting to £26,050 regarding expenditure incurred on R&D for the accounting period ending 31 October 2017. The £26,050 was initially accepted and paid to the Appellant on 6 June […]

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Capital Allowances Case

Cheshire Cavity Storage 1 Limited & EDF Energy (Gas Storage Hole House) Limited v The Commissioners for HMRC

A recent case heard by the Upper Tier Tribunal (UTT) follows a trend of capital allowances claims being taken to Court where the disagreement between taxpayers and HMRC revolves around what is deemed to be plant (and so qualifies […]

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Super Capital Allowances Changes Budget 2021

The Chancellor, Rishi Sunak’s budget announcement should help turbo-charge capital investments in the UK with new super capital allowances costed at £29bn over the next 4 years. The extension of loss relief carry-back to 3 years is also positive and makes claiming capital allowances a potent tool in reducing corporation tax and triggering repayments of […]

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

PLANT AND MACHINERY IN A CIVIL ENGINEERING CONTEXT      

The long running dispute between the taxpayer (SSE Generation Limited) and HMRC in relation to what constitutes plant in the context of a hydroelectric power plant and civil engineering project has reached a conclusion in the Court of Appeal. 

The case had previously been heard through the First […]

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Freeports & Capital Allowances – Boosting the Economy Through Investment

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, […]

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Capital Allowances Article: Revenue or Capital – A Concrete Decision

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 […]

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Unlocking Cash – How to Maximise Through Capital Allowances

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 […]

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