Capital Allowances: Research and Development Tax Case

By : Julie Davies October 18, 2021 No Comments

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 […]

Freeports & Capital Allowances – Boosting the Economy Through Investment

By : Julie Davies November 17, 2020 No Comments

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, […]

The Lazarus Impact – Making Very Late Capital Allowances Claims

By : Julie Davies July 5, 2018 Comments Off

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 […]

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OTS – Report on Proposed Capital Allowances Simplification

By : Julie Davies June 22, 2018 Comments Off on OTS – Report on Proposed Capital Allowances Simplification

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 […]

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Capital Allowances within Commercial Sale and Purchase Contracts

By : Julie Davies December 19, 2017 Comments Off on Capital Allowances within Commercial Sale and Purchase Contracts

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 […]

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Fundamental Changes to Interest Deductions & Impact for Capital Allowances

By : Julie Davies April 20, 2016 Comments Off on Fundamental Changes to Interest Deductions & Impact for Capital Allowances

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 […]

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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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Private Rented Sector (PRS) & Capital Allowances: Key Planning Points

By : Julie Davies July 20, 2015 Comments Off on Private Rented Sector (PRS) & Capital Allowances: Key Planning Points

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 […]

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Capital Allowances – Asbestos Removal

By : Julie Davies May 7, 2015 Comments Off on Capital Allowances – Asbestos Removal

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 […]

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