Resolving Capital Allowances Figures where Buyer and Seller are unable to agree quantum of Allowances on a Nursing Home

By : Julie Davies March 15, 2019 Comments Off

GLAIS HOUSE CARE LIMITED V THE COMISSIONER FOR HER MAJESTY’S REVENUE & CUSTOMS [2019]

UKFTT 0059 (TC)

Summary

HMRC has lost an interesting capital allowances case where it tried to limit the Taxpayer’s purchase price attributable to second-hand fixed plant and machinery to £1. The tax payer had claimed allowances of £318,792 based […]

Capital Allowances in the Retail Sector

By : Julie Davies November 9, 2016 Comments Off

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 […]

Capital Allowances within Restaurants

By : Julie Davies October 7, 2015 Comments Off

Restaurant 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, i.e. chairs, tables, crockery etc. When fitting out or refurbishing a restaurant, the construction expenditure is generally not very well detailed for capital allowances, therefore not easily […]

Capital Allowances Hidden Gems within Hotels

By : Julie Davies August 26, 2015 Comments Off

Introduction

Hotels are abundant in qualifying items of plant and machinery (P&M) and repairs. In the vast majority of cases, the total allowances are not fully identified by either the in house accountants or external advisors.

Why does this happen?

Hotels, in comparison to other commercial properties, have specific trade related plant that are not easily identifiable to […]

Helpful Tips for Claiming Capital Allowances in Tax Returns

By : Julie Davies August 25, 2015 Comments Off

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

plant & machinery

Resolving Capital Allowances Figures where Buyer and Seller are unable to agree quantum of Allowances on a Nursing Home

Capital Allowances in the Retail Sector

Capital Allowances within Restaurants

Capital Allowances Hidden Gems within Hotels

Helpful Tips for Claiming Capital Allowances in Tax Returns