Artful Plant: When Capital Allowances may be Claimed on a Painting

By : Julie Davies June 8, 2016 Comments Off

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 […]

Better Call Lovell for Capital Allowances

By : Julie Davies February 17, 2016 Comments Off

When 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 […]

Plant in Garden Centres: Claiming the Right Kind for Capital Allowances

By : Julie Davies January 20, 2016 Comments Off

Garden 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 […]

Can an Accountant Claim the Capital Allowances without Specialist Support ?

By : Julie Davies January 12, 2016 Comments Off

Some 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 […]

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Capital Allowances & Landlord Contributions to Tenant Fitting Out Works

By : Julie Davies December 2, 2015 Comments Off on Capital Allowances & Landlord Contributions to Tenant Fitting Out Works

It 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 […]

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10 Key Qualities To Look For In A Capital Allowances Advisor

By : Julie Davies November 25, 2015 Comments Off on 10 Key Qualities To Look For In A Capital Allowances Advisor

It 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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Effective Dealing with HMRC for Capital Allowances

By : Julie Davies November 3, 2015 Comments Off on Effective Dealing with HMRC for Capital Allowances

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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Real Estate Investment Trusts: Get The REIT Advice on Capital Allowances

By : Julie Davies September 23, 2015 Comments Off on Real Estate Investment Trusts: Get The REIT Advice on Capital Allowances

Capital allowances may be claimed in a variety of trades and entities. Often overlooked due to its tax status, there is a genuine interaction between REITS and capital allowances as explained below.

Background

Real Estate Investment Trusts (REITS) are tax efficient property investment companies. They were first introduced to the UK in 2007.

The main benefit of having […]

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Helpful Tips for Claiming Capital Allowances in Tax Returns

By : Julie Davies August 25, 2015 Comments Off on Helpful Tips for Claiming Capital Allowances in Tax Returns

HMRC have recently updated their “Capital Allowances for Plant and Machinery Toolkit”. This provides a helpful guide for completing the capital allowances section in self assessment and company tax returns.

Capital Allowances toolkit

To discuss any capital allowances queries contact us on 020 7329 1300

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Why Do I Need A Capital Allowances Specialist?

By : Julie Davies August 14, 2015 Comments Off on Why Do I Need A Capital Allowances Specialist?

Clients generally assume that their accountant or tax advisor deals with capital allowances. In fact some clients will ask their accountant if they claim allowances and they will respond that they claim all available allowances. However, as explained below, this can be misleading and they are doing their clients a disservice by not referring them to […]

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