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Capital Allowance News

Fraudulent claimants threaten legitimate allowances

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

Claiming Mineral Extraction Allowances

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

Mineral Extraction Allowance

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

Capital Allowances Claim on Fixtures

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

Portal Tax Claims appoints top capital allowance specialist

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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Values Shown are not guaranteed and have been based upon assumptions including that you have paid tax over the last two years to at least the refund amount shown and assumes all assets are in the 20% main pool of allowances. Some assets may be in the 10% integral features pool which will lower the annual amount claimable, however the total benefit of the allowances remains the same. The amount claimed will depend upon your personal circumstances and are shown above for illustration purposes only.

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The 2012 Finance bill and capital allowances: no time for complacency

The new rules on capital allowances in commercial property are now in effect with the passing of the 2012 Finance bill. These rules will greatly affect commercial property owners, leaseholders and importantly, their lawyers. The central change is the introduction of mandatory pooling of capital allowances at point of sale, which is ...

Reduced AIA Limit Now In Force

From this week the annual investment allowance (AIA) will reduce to £25,000 per annum for all businesses incurring expenditure on plant or machinery. The measure will have effect from 1 April for businesses liable to pay corporation tax, and 6 April 2012 for businesses within the charge to income tax. This means that ...

Capital allowances: a gift to small businesses

While many businesses claim capital allowances on items such as computers and cars, not many are aware of the huge tax savings that can be made in claiming on other ‘plant and machinery’ items that are embedded in their property. Most commentators agree that over 90% of commercial properties in the UK have untapped ...

Small Business Tax & Finance Article - Fixtures in Buildings

Isabel Shuter of Portal Tax Claims explains how the Finance Bill 2012 will affect capital allowance claims For anyone thinking of buying or selling a commercial property, the proposed new legislation on claiming capital allowances on the fixtures within such properties is an area that must be understood and complied with. Under the ...

Multi Lets

HMRC Brief 45/10 issued on the 22nd October 2010 effectively stopped the majority of landlords/investors from making a worth while claim on their multi lets. Pre 22nd October 2010 landlords were able to claim on all the communal areas of a dwelling excluding the actual bedrooms (classed as residential) themselves which would typically result in identified Capital Allowances of approximately 20% – 25% of the original purchase price, position on resale.
Furnished Holiday Lets

Following the budget changes in the Finance Bill 2012 there has been a general tightening of the rules regarding FHL’s. Whilst the changes regarding capital allowances on commercial properties do not apply to FHL’s generally, tax relief is now only eligible to owners who can demonstrate that they are utilising their FHL’s as a legitimate commercial business.

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