CAPITAL ALLOWANCES - 03.04.2024
Employers or employees - who gets tax relief for equipment?
Your company is kitting out its directors with new computers for their home offices. As inevitably there’ll be some private use of the equipment, how might this affect the tax position of the company and the director?
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BUDGET - 18.03.2024
Good Budget for business?
While most of the headline Budget announcements affect individual taxpayers, lurking in the small print are a few changes for businesses. Will they impact you?
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CAPITAL ALLOWANCES - 20.02.2024
Can your CAs claim include VAT paid?
One of our subscribers is being threatened with extra tax and penalties for claiming capital allowances (CAs) for the VAT he paid on the purchase of equipment. Is HMRC right to say the qualifying cost must be exclusive of VAT?
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CAPITAL ALLOWANCES - 06.02.2024
Capital allowances for new business - get it right!
You’re making a business plan for a new business. Naturally, tax is an important factor, especially the timing of capital allowances (CAs) for the purchase of equipment. What equipment qualifies for CAs and how much can you claim?
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TAX CASES - 23.01.2024
Are camping pods “buildings”?
Case. The company, Acorn Venture Ltd (AV), purchased 26 camping pods to provide accommodation for school children and teachers on residential trips. The cost of the pods was approximately £272,000. AV claimed capital allowances under the annual investment allowance (AIA) on its tax return. The overall position was a loss. However, upon enquiry HMRC disallowed the claim on the basis that the pods were buildings or fixed structures. ...
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CAPITAL ALLOWANCES - 04.01.2024
The Christmas gift of capital allowances
You received a smart new laptop for Christmas which you’ll use for work. Even though it cost you nothing can you claim a tax deduction in respect of the business use?
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