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 moreAs 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 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 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 moreIt is sometimes essential to offer incentives to attract tenants to take space in a vacant property. Typically these will be in the form of a general cash payment, contribution to tenant fit out or a rent-free period.
Of these the contribution route can be the most tax efficient for the landlord as there is a […]
Read moreIt is becoming more and more likely that you or your clients will be approached directly by capital allowances advisors to review capital expenditure when properties are purchased or when construction expenditure is incurred. This can be beneficial but is a more reassuring experience if you appoint the right firm.
Here are 10 key qualities to […]
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There are 4 main areas of concern for HMRC with any Capital Allowances (CA) claim; entitlement, credibility, quantum and eligibility.
Entitlement requires careful consideration of the tax history and appropriate valuation basis. Also considerations of the nature of trade and specific expenditure.
Credibility issues can be reduced by submitting a fully detailed, cross referenced, well […]
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