INDEPENDENT CAPITAL ALLOWANCES SPECIALISTS

Capital Allowances Hidden Gems within Hotels

By : August 26, 2015 Comments Off on Capital Allowances Hidden Gems within Hotels

Introduction

Hotels are abundant in qualifying items of plant and machinery (P&M) and repairs. In the vast majority of cases, the total allowances are not fully identified by either the in house accountants or external advisors.

Why does this happen?

Hotels, in comparison to other commercial properties, have specific trade related plant that are not easily identifiable to […]

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Helpful Tips for Claiming Capital Allowances in Tax Returns

By : August 25, 2015 Comments Off on Helpful Tips for Claiming Capital Allowances in Tax Returns

HMRC have recently updated their “Capital Allowances for Plant and Machinery Toolkit”.  This provides a helpful guide for completing the capital allowances section in self assessment and company tax returns.

Capital Allowances toolkit

To discuss any capital allowances queries contact us on 020 7329 1300

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Why Do I Need A Capital Allowances Specialist?

By : August 14, 2015 Comments Off on Why Do I Need A Capital Allowances Specialist?

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 […]

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Land Remediation Relief & Capital Allowances Q&A

By : August 5, 2015 Comments Off on Land Remediation Relief & Capital Allowances Q&A

What is contaminated land?

For the purposes of this tax relief it is where the land contains substances such as asbestos, Japanese Knotweed or sulphate resistant concrete which are causing harm or could possible cause harm, pollute or possibly pollute controlled waters.

Is there a definition of contaminated land costs?

There is a general definition which is that […]

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Private Rented Sector (PRS) & Capital Allowances: Key Planning Points

By : July 20, 2015 Comments Off on Private Rented Sector (PRS) & Capital Allowances: Key Planning Points

Private Rented Sector (PRS) & Capital Allowances

Capital allowances and contaminated land can have a significant impact on the financial viability of PRS projects. Lovell Consulting are actively involved in several PRS projects. This note sets out the key capital allowances planning points.

Site Acquisitions potential tax allowances

Where a site is purchased with existing buildings may contain […]

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Drafting For Purchase Contracts And CPSE Capital Allowances Responses

By : July 15, 2015 Comments Off on Drafting For Purchase Contracts And CPSE Capital Allowances Responses

Since April 2014 the legislation has been substantially tightened for capital allowances when buying commercial property.

The allowances can be significant and often represent around 10%-25% of the purchase price of the property.  There are standard Commercial Property Standard Enquiries (CPSEs) for use by the property lawyers, intended to establish the extent of any allowances available […]

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The Benefits of Claiming Annual Investment Allowances

By : July 7, 2015 Comments Off on The Benefits of Claiming Annual Investment Allowances

Benefits of Claiming Annual Investment Allowances

The Government has tried to incentivise business to accelerate investment in plant and machinery.  It has done this by introducing an Annual Investment Allowance (AIA).  Capital allowances are normally given over time.  The AIA enables all the allowances to be accelerated in 1 year, up to an AIA annual limit.  […]

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Lawyers Should Seek Specialist Capital Allowances Advice

By : July 1, 2015 Comments Off on Lawyers Should Seek Specialist Capital Allowances Advice

John Lovell of Lovell Consulting , interviewed by Melissa Moore of LexisPSL Property, reflects on how changes to the Finance Act in April 2014 have affected real estate transactions.

Why are capital allowances important to property clients and their lawyers?

Businesses are overlooking millions of pounds worth of tax allowances. Commercial property owners may be failing […]

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The New Environment For Capital Allowances

By : June 17, 2015 Comments Off on The New Environment For Capital Allowances

The new environment for capital allowances.

Why specialist help is essential.

Introduction

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 […]

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Capital Allowances – Demolition Costs

By : May 20, 2015 Comments Off on Capital Allowances – Demolition Costs

Capital Allowances: Demolition Costs

The costs of demolition may qualify for capital allowances in accordance with Section 26 CAA2001.  No capital allowances are available for the costs relating to demolishing building structure, i.e. concrete, steelwork.  However the costs relate to demolishing plant and machinery is deemed to be qualifying for capital allowances.  The costs of the […]

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