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Veritas Blog for Harold Sharp Proptech

As part of our working relationship with Harold Sharp accountants we were recently requested to add an article on the new Structures and Buildings allowances for their Proptech initiative.

09 Dec 2019

Written by: Nolan Masters

Guidance on Structures & Buildings Allowance

It has taken HMRC a year since the Structure and Buildings Allowance (SBA) was announced in the November 2018 budget to publish the detailed guidance on its new tax give away for capital expenditure on all non-residential buildings.

09 Dec 2019

Written by: Clive Curd

New Case Law – HMOs and HMRC Enquiry Times

Another recent Case law ruling, Hora Tevfik v HMRC (2019) recently dismissed Capital Allowances claims on HMOs (Houses of Multiple Occupancy) plus also highlighted the ability of HMRC to make enquiries into claims beyond the normal time limits.

11 Nov 2019

Written by: Clive Curd

Archive

Latest News

Veritas Blog for Harold Sharp Proptech

09 Dec 2019

As part of our working relationship with Harold Sharp accountants we were recently requested to add an article on the new Structures and Buildings allowances for their Proptech initiative.

Guidance on Structures & Buildings Allowance

09 Dec 2019

It has taken HMRC a year since the Structure and Buildings Allowance (SBA) was announced in the November 2018 budget to publish the detailed guidance on its new tax give away for capital expenditure on all non-residential buildings.

New Case Law – HMOs and HMRC Enquiry Times

11 Nov 2019

Another recent Case law ruling, Hora Tevfik v HMRC (2019) recently dismissed Capital Allowances claims on HMOs (Houses of Multiple Occupancy) plus also highlighted the ability of HMRC to make enquiries into claims beyond the normal time limits.

Veritas Publish SBA Article in Taxation magazine

10 Jul 2019

In the latest edition of Taxation Magazine Veritas Director Clive Curd takes a practical look at how the new Structures and Buildings Allowances legislation works.

Success at the National Surveyor’s 7’s Rugby Tournament

17 May 2019

Congratulations to Jack Hooper of Veritas and his teammates from the Thirdway Barbarians team who won the recent National Surveyors 7's rugby tournament at Richmond

Veritas Become Member Firm of PAI Commercial Property Network

07 May 2019

Veritas are pleased to announce they have become a Member Firm of PAI Commercial Property Network, the UK's largest connected network of commercial surveying practices.

SBA Draft legislation Out

15 Apr 2019

HM Revenue & Customs have issued the draft legislation for the new Structures and Buildings Allowances legislation and have requested comments by April 24th before final drafting ready for issue later this year. Veritas Advisory will be responding.

New Case Law – £226m in Dispute!

05 Apr 2019

The First Tier Tribunal considered the capital allowance claim of a hydroelectric power generation scheme at Glendoe, in Scotland; the total construction cost was approximately £300m with HMRC accepting £34 million, leaving £226 million in dispute.

Veritas Advisory Appointed Capital Allowances Supplier to Carehome.co.uk

08 Mar 2019

Veritas are now a listed supplier to Carehome.co.uk as Capital Allowances advisor to maximise the tax reliefs on acquisitions, refurbishment and extensions of care homes.

The new Structures and Buildings Allowance and the increase to the Annual Investment Allowance were the main Capital Allowance headlines from Budget 2018, but here we set out some further significant changes for businesses and investors to take note.

The Chancellor announced that from 1 April 2019 the rate of relief for Special Rate Pool will be dropped from its current 8% per annum on a reducing basis to 6%.  This is to align the rate of relief more closely to the useful life of the assets on which it is claimed.

For chargeable periods which straddle 31 March 2019, there will be the requirement to calculate and apply a hybrid rate for the transitional period.  For most SME’s this change will have little impact, as it is more than compensated for by the increase in the Annual Investment Allowance to £1m.

Since 2001, businesses and investors have been able to obtain an accelerated rate of relief of 100% in the year of expenditure for certain energy efficient or water saving technologies.  From 1 April 2020 this enhanced relief is to be removed along with the ability to claim tax credits for those in a loss making position.

In addition, the current products as manged by the Carbon Trust are to be revised.  For any ongoing or planned expenditure up to 1 April 2020, clients should check and ensure that the suppliers of those potentially qualifying products are made aware of the changes to the qualifying criteria.  If necessary, relist their products or check that they meet the performance criteria so that the necessary qualifying certification can be obtained to allow the client to obtain the enhanced allowances.

As projects get closer to the 1 April 2020 deadline, consideration will also need to be given to the point as to whether qualifying expenditure has been incurred before the abolition date and so supply contracts will be crucial to determine the position.

Finally, in a recent Capital Allowances case of SSE Generation Limited vs HMRC, it considered and, in some cases, allowed Capital Allowances to be claimed on alterations to the land.  New legislation has now been drafted and takes immediate effect from 29 October 2018, allowing the claiming of Capital Allowances for costs for altering the land, only where its purpose is for the installation of qualifying plant and machinery.

This legislation change intends to clarify the fact that alterations to land, to the extent they do not relate to the installation of plant and machinery, cannot be claimed as normal plant and machinery allowances.  It does also confirm that the new Structures and Buildings Allowance will, however, provide tax relief for land alterations connected to the construction of structures and buildings.