INDEPENDENT CAPITAL ALLOWANCES SPECIALISTS

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Underground Gas Storage Cavities & Capital Allowances

CHESHIRE CAVITY STORAGE 1 LIMITED and EDF ENERGY (GAS STORAGE HOLE HOUSE) LIMITED V HMRC [2019]

FIRST TIER TRIBUNAL TAX CHAMBER (FTT)

Background

Both
appellants were companies in the EDF Energy PLC Corporate Group and they
operate gas storage facilities on adjoining site is Cheshire. The Companies
used underground cavities filled with brine to store gas and incurred costs […]

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Capital Allowances – Furniture, Fixtures and Equipment Expenditure

Capital Allowances – Keeping track of accounts coded Furniture, Fixtures and Equipment expenditure – Be careful!

Typically, Accountants recognise the potential to claim
allowances on accounts coded Furniture, Fixtures and Equipment (FF&E). This
is normally for directly paid invoices for equipment where the invoice
descriptions are clear and unambiguous. These are normally identified in the
commercial accounts and coded […]

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