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Mixed messages for entrepreneurs

May 4, 2011 at Capital Allowance Tax

Mixed messages for entrepreneurs In his second budget report, the Chancellor of the Exchequer focused on business growth, providing numerous incentives for budding entrepreneurs as well as more established businesses. Yet along with these incentives came the announcement of a number of deadlines, meaning that the opportunities to take advantage of improved tax relief and capital ... Read More

Capital Allowance Claims and Tax on Furnished Holiday Lets

April 4, 2011 at Capital Allowance Tax

Capital Allowance Claims and Tax on Furnished Holiday Lets If you are a person who owns furnished holiday lets in UK or Euro zone, you can reduce the tax you pay not only on the rents of property but also on the salaries and dividends you receive in UK. The savings can be substantial and can help cope with low ... Read More

Capital Allowance Claims: More on Section 198

March 30, 2011 at Capital Allowance Tax Capital Allowances Claiming Capital Allowances

Capital Allowance Claims: More on Section 198 When a person engaged in a “qualifying activity” as defined under section 15 of the Capital Allowances Act sells a building, it can have very serious tax implications both for the buyer and seller. By looking at the issues carefully, it is possible to arrive at a sale agreement that is ... Read More

Claiming Business Premises Renovation Allowance

March 16, 2011 at Capital Allowance Tax

Claiming Business Premises Renovation Allowance In a separate article, we looked at expenditure that can be claimed as Business Premises Renovation Allowance (BPRA). It was noted that BPRA can be claimed on expenditure incurred for converting or renovating commercial premises for use in specified trades, provided that the building is located in a disadvantaged area and ... 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.

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.

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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

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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

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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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