Portal Tax Claims have once again jumped ahead of the curve with the introduction of its expert online case tracking system enabling clients to follow the progress of their cases anytime, anywhere. Used internally by the firm for a number of years, the bespoke computerised case management system known as Solcase Online has finally been [...]

As property owners look to reap returns from their UK homes, many are forgetting that they may be owed substantial amounts of cash from their offshore properties. Those who own furnished holiday lets, both in the UK and within the European Economic Area, could be entitled to claim large sums of money through sizeable capital [...]

Mineral Extraction Allowance (MEA) is an allowance that can be claimed by persons engaged in the trade of mineral extraction. Only persons actually carrying on the trade, and not lessors of mineral-bearing land, are entitled to make claims. Claims can also be made only when there is actual trade; activities such as mineral exploration are [...]

Manufacturers are applauding a key change to the tax regime for capital allowance claims that gives a substantial cash boost to companies that invest in the most up to date machinery. As part of the chancellor’s plans, in the near future companies will be able to claim tax allowances under the ‘short life assets election [...]

In a separate article, we noted that persons engaged in qualifying activities can claim Plant and Machinery Allowance (PMA) on expenditure they incur for providing plant or machinery for carrying on the qualifying activity. In this article, we look at what are included under qualifying activities. CA20010 lists qualifying activities for claiming PMA: Trade; An [...]

Manufacturers are applauding a key change to the tax regime for capital allowances that gives a substantial cash boost to companies that invest in the most up to date machinery. As part of the chancellor’s plans, in the near future companies will be able to claim tax allowances under the ‘short life assets election scheme’ [...]

In a separate post, we looked at capital allowances that are allowed as a deductible expense for computing taxable income. We noted that capital allowances allow long-term expenditures, such as on buildings, plant & machinery and furniture, to be written off as expenses over their expected useful lives. We noted in particular that computing capital [...]

Capital allowances represent the “expensing” of qualifying assets over their useful lifetimes. Because these assets are used over a number of years, treating their whole cost as an expense in the year of purchase will distort operating results. And tax authorities will not allow you to deduct the whole cost from your revenues while computing [...]

When a person engaged in a “qualifying activity” as defined under section 15 of the Capital Allowances Act sells a building, it can have very serious tax implications both for the buyer and seller. By looking at the issues carefully, it is possible to arrive at a sale agreement that is advantageous to both the [...]