August 23, 2011 in Annuities | Tags: agricultural products, assisted areas, business premises, capital allowance, coal industry, commercial buildings, derelict, disadvantaged area, fisheries, hmrc, isles of scilly, milk products, north cornwall, northern ireland, pembrokeshire, relevant trade, renovation, shipbuilding, steel industry, tax allowance
Capital allowances are the amounts allowed to be written off as expenses when you incur long-term capital expenditure. You cannot write off the entire cost of long-term assets (that will be used over a number of years) as an expense in the year the expenditure was incurred. The general idea behind capital allowances is that [...]
August 22, 2011 in Annuities, Purchase Annuity | Tags: agricultural products, assisted areas, business premises, capital allowance, coal industry, commercial buildings, derelict, disadvantaged area, fisheries, hmrc, isles of scilly, milk products, north cornwall, northern ireland, pembrokeshire, relevant trade, renovation, shipbuilding, steel industry, tax allowance
The Government announced that it would be clamping down on the ‘aggressive’ tax avoidance schemes being used by some large firms, who rent machinery and then claim excess tax relief. Businesses are able to claim capital allowances when they enter into a long funding lease for their buildings and machinery. However, some firms are attempting [...]
August 22, 2011 in Annuities, Purchase Annuity | Tags: agricultural products, assisted areas, business premises, capital allowance, coal industry, commercial buildings, derelict, disadvantaged area, fisheries, hmrc, isles of scilly, milk products, north cornwall, northern ireland, pembrokeshire, relevant trade, renovation, shipbuilding, steel industry, tax allowance
The Finance and Leasing Association (FLA) is calling on the Treasury to extend tax relief on energy efficient equipment to the asset finance sector. The association believes that the extension would benefit small businesses and is calling specifically for the relaxation of the Enhanced Capital Allowances (ECAs) to cover energy saving equipment hire. ECAs enable [...]
August 21, 2011 in Annuities, Purchase Annuity | Tags: agricultural products, assisted areas, business premises, capital allowance, coal industry, commercial buildings, derelict, disadvantaged area, fisheries, hmrc, isles of scilly, milk products, north cornwall, northern ireland, pembrokeshire, relevant trade, renovation, shipbuilding, steel industry, tax allowance
Up to late 19th century (1878 to be precise) there were no capital allowances. In 1878, a “wear and tear” allowance was introduced for traders in plant and machinery by allowing them to reduce their income by the allowance amount. For mills and factories, a “mills and factories” allowance was available. The quantum of the [...]
August 16, 2011 in Annuities, Purchase Annuity, Tax Return Claim | Tags: accountant, capital allowance, computer systems, dividends, euro zone, guesswork, hmrc, holiday home owners, holiday homes, legitimate claim, occupancy rates, property valuation, rents, tax allowances, tax expert, tax payers, taxable income, time limit, two million, valuation expert
£1.2 billion tax breaks missed Lancashire businesses are missing out on more than £1.2 billion of tax breaks, according to an expert. Shaun Murphy, chief executive of tax return claim specialists Portal Tax Claims, said that more than 30,000 business bosses who own their own properties could be owned an average refund of £105,000 in [...]
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