April 19, 2011 at Capital Allowances by Capital Allowance Claims
The Government announced that it would be clamping down on the ‘aggressive’ tax avoidance schemes being used by some large firms, who rent machinery and then claim excess tax relief.
Businesses are able to claim capital allowances when they enter into a long funding lease for their buildings and machinery.
However, some firms ... Read More
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April 18, 2011 at Claiming Capital Allowances by Capital Allowance Claims
In a separate article, we noted that persons engaged in the trade of extracting different kinds of deposits from the earth, such as sand/gravel, oil and hard rock or in the field of geothermal energy are entitled to claim Mineral Extraction Allowances (MEA) once they begin actual trading. In that article, ... Read More
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April 13, 2011 at Capital Allowances by Capital Allowance Claims
Mineral Extraction Allowance (MEA) is an allowance that can be claimed by persons engaged in the trade of mineral extraction. Only persons actually carrying on the trade, and not lessors of mineral-bearing land, are entitled to make claims. Claims can also be made only when there is actual trade; activities such ... Read More
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April 11, 2011 at Capital Allowances by Capital Allowance Claims
Fixtures are Plant and Machinery that have been permanently fixed to a building or land and enhances the value of the building or land. Plant and Machinery Allowances (PMA) can be claimed on the fixtures, and such claims can be of substantial amounts. What this means is that substantial tax savings ... Read More
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April 11, 2011 at Portal Tax Claims by Capital Allowance Claims
Portal Tax Claims, the capital allowance claims specialist, has appointed Jeanette Edmiston, probably the UK’s top capital allowance adviser, to head up its report team.
Jeanette, who is a trained tax specialist with over 25 years’ experience in both the construction industry and corporate businesses, joins Portal having previously spent 9 years ... Read More
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