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 […]Read more
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, […]Read more
A pub company has succeeded in making a very late capital allowances claim. The First Tier Tax Tribunal has decided that there really is life after death and in the case of Dundas Heritable v HMRC (2018) where a late claim made for capital allowances has been allowed despite normal time limits not being followed.
The […]Read more
The long awaited report by the Office of Tax Simplification (OTS) into the proposed simplification of capital allowances was published on the 15th June 2018. It extends to 88 pages but concludes that whilst an accounts based depreciation system would be attractive, the benefits gained would be completely outweighed by the disruption suffered by businesses […]Read more
The benefits and importance of capital allowances in commercial sales and purchases has been well publicised, but did you know the relief also needs to be considered in some residential and landlord and tenant matters? Sophie Raniwala explains
Tax has never been more political. As tax schemes become less palatable, capital allowances become even more attractive, providing a […]Read more
An 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 more
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 […]Read more
Private Rented Sector (PRS) & Capital Allowances
Capital allowances and contaminated land can have a significant impact on the financial viability of PRS projects. Lovell Consulting are actively involved in several PRS 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 […]Read more
Asbestos was extensively used in many building materials; therefore large quantities of asbestos still remain in buildings that were built prior to the restriction of asbestos use. These materials represent one of the most significant occupational health risks in the UK.
Control of Asbestos at Work Regulations 2002, Regulation 4 places a specific legal duty on […]Read more