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Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2017. The guidance states: ‘You can use the...Read more >
9 Jun 2017
Tax-Free Childcare and childcare options
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare launched at the end of April and is being r...Read more >
7 Jun 2017
VAT fuel scale charges
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period s...Read more >
12 May 2017
Check of employer records
HMRC have been tasked to raise additional revenue. This will be achieved through a variety of methods, including increased employer complian...Read more >
30 May 2017
Solihull Chamber survey surprises
Last week Kevin Johns, Prime’s Managing Director and President of the Solihull Chamber, hosted the Solihull Chamber Breakfast. The eve...Read more >
17 May 2017
HMRC have announced changes to requests by agents for pay, tax and employment history details
HMRC have reported that they have witnessed an increasing number of security issues recently, particularly related to requests from agents f...Read more >
15 May 2017
Capital Allowances on Property
It is your Entitlement, don’t lose it!!
Capital Allowances mean tax relief
The more you have in your “pool” the less tax you pay
Your commercial property investment, or trading premises, have many fixed plant elements within the fabric of the building – such as Heating, Electrical systems, Air conditioning, Lifts, hot and cold water systems, security systems etc. These are regarded as Plant and Machinery for the purpose of the trade and therefore qualify for capital allowances within the Capital allowances Act 2001 (CAA2001).
Your capital expenditure incurred on the Purchase, Refurbishment, Extension, Fit Out or New Build construction will offer the possibility of tax relief within the legislation.
Typical values could be in the region of between 20% and 70% of the expenditure incurred.
Capital expenditure incurred even 10 years ago could still qualify and provide tax relief in the current financial year, or create a tax refund.
A word of Warning
New legislation introduced in April 2014 means that your entitlement relating to the current, or proposed, purchase of a qualifying commercial property is seriously at risk of being lost.
You must seek specialist advice immediately
Call Prime Today - we're here to help
If you are looking for an accountant for your business or personal finance matters call Prime Chartered Accountants, to arrange a free, no-obligation meeting with a Director.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468