Capital Allowance News
What can you Claim?
January 5, 2011 at Claiming Capital Allowances by Capital Allowance Claims
As mentioned in separate posts, capital allowances are essentially writing off the costs of long term assets over their useful lives. Hence you can claim allowable write-downs for almost all long-term assets which you have purchased.
However, on long-term assets such as land, which has an indefinite lifetime, and basic structures of ... Read More
Types of Capital Allowances
January 5, 2011 at Capital Allowances by Capital Allowance Claims
Capital allowances are the amounts allowed to be written off as expenses when you incur long-term capital expenditure. You cannot write off the entire cost of long-term assets (that will be used over a number of years) as an expense in the year the expenditure was incurred. The general idea behind ... Read More
Is this a Loophole?
January 5, 2011 at Capital Allowances by Capital Allowance Claims
In a separate post, we looked at capital allowances that are allowed as a deductible expense for computing taxable income. We noted that capital allowances allow long-term expenditures, such as on buildings, plant & machinery and furniture, to be written off as expenses over their expected useful lives. We noted in ... Read More
How can Capital Allowances Help Me?
January 5, 2011 at Capital Allowances by Capital Allowance Claims
Most of us would like to save on the taxes that we pay to the government.
Businesses pay taxes on their business profits. By reducing the amount of profit that is taxable, we can save on taxes.
You cannot show reduced profits by resorting to creative accounting because creativity is not appreciated in ... Read More
History of Capital Allowances
January 5, 2011 at Capital Allowances by Capital Allowance Claims
Up to late 19th century (1878 to be precise) there were no capital allowances.
In 1878, a “wear and tear” allowance was introduced for traders in plant and machinery by allowing them to reduce their income by the allowance amount. For mills and factories, a “mills and factories” allowance was available. The ... Read More
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This calculator is for illustration purposes only.
If AIA is included in the calculations, we assume that no previous deductions within the AIA allocation has been submitted.
You cannot claim Capital Allowances before the year of purchase.
Our fee is a legitimate business expense and as such is tax deductible.
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