The Chancellor, Rishi Sunak’s budget announcement should help turbo-charge capital investments in the UK with new super capital allowances costed at £29bn over the next 4 years. The extension of loss relief carry-back to 3 years is also positive and makes claiming capital allowances a potent tool in reducing corporation tax and triggering repayments of […]Read more
Resolving Capital Allowances Figures where Buyer and Seller are unable to agree quantum of Allowances on a Nursing Home
GLAIS HOUSE CARE LIMITED V THE COMISSIONER FOR HER MAJESTY’S REVENUE & CUSTOMS 
UKFTT 0059 (TC)
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 […]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
Nurseries have substantial imbedded plant and machinery (P&M) items and repairs. However the less obvious items often get overlooked by accountants, surveyors and tax advisors.
Why does this happen?
There are many obvious items of plant such as loose furniture and fittings which accountants can easily identify and segregate to allowances. However there are additional imbedded trade related items […]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
The new environment for capital allowances.
Why specialist help is essential.
In the present environment tax planning has become very political. One area that successive UK governments have encouraged is the claiming of capital allowances.
Businesses are overlooking millions of pounds worth of tax allowances and your clients are likely to be among them. The reason the majority […]Read more