Insights
Seminars & Events
News

Latest Insights

Capital v Revenue – Understand The Risks v Benefit

As we are fast approaching the self assessment filing deadline for individuals and the amendment window for corporate entities with a year end of March, understanding the importance of what constitutes capital or revenue expenditure, and the risks and benefits associated with it, is extremely important.

24 Jan 2024

Written by: Matt Bell

First Year Allowances for Corporate Members of Partnerships

In a positive move HMRC have updated their capital allowances guidance for partnerships stating that partnerships with underlying corporate partners can claim first year allowances

19 Jan 2024

Written by: Abu Choudhury

Substantial Unclaimed Capital Allowances On Existing Assets

Capital Allowances provide an opportunity to save substantial amounts of money in a lean market yet many property owners and occupiers are already sitting on vast savings without even knowing it.

23 Oct 2023

Written by: David Gibson

Archive

 

Latest News

Capital v Revenue – Understand The Risks v Benefit

24 Jan 2024

As we are fast approaching the self assessment filing deadline for individuals and the amendment window for corporate entities with a year end of March, understanding the importance of what constitutes capital or revenue expenditure, and the risks and benefits associated with it, is extremely important.

First Year Allowances for Corporate Members of Partnerships

19 Jan 2024

In a positive move HMRC have updated their capital allowances guidance for partnerships stating that partnerships with underlying corporate partners can claim first year allowances

Substantial Unclaimed Capital Allowances On Existing Assets

23 Oct 2023

Capital Allowances provide an opportunity to save substantial amounts of money in a lean market yet many property owners and occupiers are already sitting on vast savings without even knowing it.

The Risk to Lawyers of Not Correctly Addressing Capital Allowances

23 Oct 2023

Solicitors acting for clients on a purchase or disposal of a commercial property must ensure they correctly address capital allowances; failure to do so may give rise to reputational and / or financial risk.

Maximising Capital Allowances and Avoiding Pitfalls Through Timing

23 Oct 2023

The rules surrounding the transition between Super Deduction and Full Expensing can be complex and the importance of fully analysing and understanding any contract for construction or purchase is significant.

Use Capital Allowances to Help Pay for Higher Spec Offices

23 Oct 2023

On a typical £1m CAT B fit out the landlord or occupier, whoever is incurring the expenditure, could recover up to £250k by claiming Capital Allowances.

HMRC Capital Allowances Enquiries Focusing On Certain Sectors

26 Sep 2023

An increasing number of claims being submitted to HMRC are not fully compliant with the legislation, and in some cases are double what they should be, particularly in certain industry sectors.

Unearthing Hidden Treasures – LGT Wealth Article

01 Sep 2023

Veritas Director David Gibson was recently interviewed by Nicholas Duffy of LGT Wealth Management for thoughts on how family offices and property owners can identify Capital Allowances to help leverage other investments. Click here to read in full

Offset ESG Costs With Capital Allowances

09 Aug 2023

The impact of both ESG and MEES on the property sector is resulting in significant capital investments. To incentivise and reduce the net cost of capital investment, tax relief is available by way of capital allowances.

If you are one of the many that have spent money on property in 2015 then this is a timely reminder to ensure that you are making full use of the £500,000 Annual Investment Allowance (AIA) before it is reduced at the end of the year.

Firstly, let us recap on the general principles.  The AIA is a first year tax allowance which enables the cost of certain qualifying property expenditure to attract 100% tax relief in the year of expenditure.  This is compared to claiming the standard rates of Capital Allowances where the tax relief is taken over a number of years.  Noting that the AIA is available for both corporate and income tax payers, including overseas investors.

It offers investors the opportunity to take advantage of a significant cash benefit arising out of a number of sources, namely, on developments, refurbishments, fit outs and also when buying property.

As an example, if you were a high net worth individual and you had £500,000 of allowable expenditure this year, you would get a tax deduction of £225,000.  At its current level, the AIA makes reviewing what may seem to be a small claim value, now more beneficial to pursue.

This however has a limited offering, given that the government have already announced that the AIA is to remain at its current level only up until 31 December 2015, after which the AIA drops to £200,000.  So the message is to claim now before it is too late.

There is also the opportunity to implement some tax planning, should a known capital project be due to commence around that time.  By making the payment unconditional before the 31 December 2015, it will enable the payment to attract the AIA even though the physical monies paid out will be in the following period.

Contact one of our Directors to discuss how you can take advantage of this and we can offer a free, no obligation initial review.