Filed under: capital allowances
Tax planning is an important issue to bear in mind when SMEs are considering their business strategy to ensure that the business operates in the most tax efficient way. This is why getting to grips with upcoming changes following the release at the beginning of December of draft legislation for Finance Bill 2012, is of the utmost importance. Taxtalk explains what has changed and what business owners should be aware of when making claims for capital allowances. (more…)
January 23, 2012
HMRC are constantly on the lookout for ways to close tax loopholes and increase their overall tax revenues. Over the past few weeks we have run numerous blogs about new disclosure opportunities and campaigns designed to increase Treasury income.
Last month HMRC issued another consultation document entitled ‘Capital Allowances for Fixtures’ which explained how they intend to review these rules in their favour. If you have bought, built, refurbished or renovated commercial premises and still own the building, you should understand the proposed changes and act as appropriate. It may be that your ability to claim tax relief for capital allowances expenditure is otherwise significantly diminished in the future. (more…)
July 27, 2011
April 2012 will be upon us in no time and brings with it a significant reduction to the reliefs available under the current capital allowances legislation. It’s currently possible to write off 100% of the cost of acquiring new business equipment (classified as plant and machinery) to the value of £100,000 as a tax deductable expense in the year of expenditure. (more…)
July 21, 2011
