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Employees gifts - tax free?
At this time of year some employers may wish to make small gifts to their employees.A tax exemption is available which should give employers...Read more >
1 Dec 2017
HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax...Read more >
1 Nov 2017
Scottish Budget Proposals
On 14 December, the Scottish Budget will set out the Scottish Government’s financial and tax plans.Read more >
29 Oct 2017
Solihull Chamber News Column - 24th August 2017
The Chamber’s Quarterly Business Report (QBR) always highlights some interesting information on what is happening in the business worl...Read more >
24 Aug 2017
Solihull Chamber News Column - 10th august 2017
As Brexit becomes a reality, the Chamber of Commerce’s International Hub is stepping up its drive to encourage and help businesses to ...Read more >
10 Aug 2017
An update on Making Tax Digital
The Government have decided that the introduction of Making Tax Digital (MTD) will be delayed for businesses. We have summarised the la...Read more >
31 Jul 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