INDEPENDENT CAPITAL ALLOWANCES SPECIALISTS

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Capital Allowances Article: Revenue or Capital – A Concrete Decision

Steadfast Manufacturing and Storage Limited (SM&S) successfully appealed against HMRC for a revenue amendment of £13,428.20 for the accounting period ending 31 October 2015. The appellants also appealed a consequential amendment of £1,489.80 for the accounting period ended 31 October 2014. The amount initially disputed by HMRC related to expenditure incurred on a yard used […]

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Unlocking Cash – How to Maximise Through Capital Allowances

When businesses suffer catastrophic blows to their cashflow, as many are
experiencing now, it is important to explore every opportunity there is to
raise cash.

Claiming capital allowances provides such an opportunity.

Amending Tax Returns to Claim
Historic Expenditure and Reduce Tax Payable Now

Reducing tax bills is an easy way to retain cash and it is vitally
important now to maximise […]

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Lovell Consulting Commentary on March 2020 Budget: Capital Allowances Changes

The Chancellor, Rishi Sunak’s ‘get it done’ approach did not really extend to capital allowances. There was a modest lift to Structures and Buildings Allowances.

The capital allowances changes are below:

The Structures and Buildings Allowances was introduced in Finance Act 2019 to encourage the construction of new or renovation of existing non-residential structures and buildings. […]

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MBL Webinar – Capital Allowances – Hotels, Restaurants & Office Buildings

Introduction

Since April 2017 there have been restrictions for deducting interest where bank interest exceeds £2m/annum. This makes the full claiming of allowances for UK entities even more important.

From April 2019 overseas owners of UK commercial properties are subject to CGT and from April 2020, all non-resident landlords will be subject to corporation tax.

This webinar aims […]

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Urenco V HMRC Capital Allowances Tax Tribunal

Overview

There has been a recent
First-Tier Tribunal (FTT) case on whether Urenco (Appellant) is entitled to
claim capital allowances in respect of the disputed expenditures on the
construction of Tails Management Facility (TMF) at a nuclear site. Total
project cost is circa £1bn. Most of the expenditure qualifying for capital
allowances has been agreed. However, HMRC (Respondent) contends disputed
expenditures of […]

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Capital Allowances Case: SSE Generation Limited v The Commissioners for HMRC

UPPER TIER TRIBUNAL TAX CHAMBER

There have been a run of cases heard before the courts
relating to civil and structural works, with debate about what constitutes a
structure as opposed to plant. 

In August 2019, the FTT heard The Cheshire Cavity Storage 1
Limited v Anor case.  This concerned a
taxpayer who operates gas storage facilities and created […]

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