Insights
Seminars & Events
News

Latest Insights

Veritas Article in Property Week Magazine

As part of the Property Week magazine Covid-19 support hub Veritas Advisory director Nolan Masters highlights how using Capital Allowances can help generate significant tax savings and ease cash flow problems.

08 Jun 2020

Written by: Nolan Masters

Veritas Article in Taxation Magazine

Veritas have published an article in Taxation Magazine setting out how to boost cash flow by identifying property tax reliefs. Key points addressed in the article include reviewing historic expenditure where allowances haven't been fully claimed, using capital allowances to mitigate future capital gains, the window of opportunity to claim and the benefit of utilising the annual investment allowance of £1,000,000.

03 Jun 2020

Written by: Nolan Masters

Capital Allowances Guide for PAI Member Firms

Veritas Advisory director Clive Curd has prepared a Capital Allowances guide for all member firms of the Independent Commercial Property Agents Network (PAI) for which Veritas Advisory are the recommended Capital Allowances advisor.

01 Jun 2020

Written by: Clive Curd

Archive

Latest News

Veritas Article in Property Week Magazine

08 Jun 2020

As part of the Property Week magazine Covid-19 support hub Veritas Advisory director Nolan Masters highlights how using Capital Allowances can help generate significant tax savings and ease cash flow problems.

Veritas Article in Taxation Magazine

03 Jun 2020

Veritas have published an article in Taxation Magazine setting out how to boost cash flow by identifying property tax reliefs. Key points addressed in the article include reviewing historic expenditure where allowances haven't been fully claimed, using capital allowances to mitigate future capital gains, the window of opportunity to claim and the benefit of utilising the annual investment allowance of £1,000,000.

Capital Allowances Guide for PAI Member Firms

01 Jun 2020

Veritas Advisory director Clive Curd has prepared a Capital Allowances guide for all member firms of the Independent Commercial Property Agents Network (PAI) for which Veritas Advisory are the recommended Capital Allowances advisor.

4 Simple Steps to Reduce Income Tax

27 May 2020

The practical aspects of partnerships and individuals claiming on historic expenditure, if there are any time restrictions to submit a claim and how to overcome potential barriers such as lack of supporting detailed cost information are often unclear. We set out 4 simple steps to follow in order to realise these tax savings

4 Simple Steps to Reduce Corporation Tax

27 May 2020

Companies are often unclear on the practical aspects of claiming against historic expenditure, if there are any time restrictions to submit a claim and how to overcome potential barriers such as lack of supporting detailed cost information. We set out 4 simple steps to follow in order to realise these tax savings

Veritas Support Dog Rescue Charity

27 May 2020

Veritas Advisory have chosen to be a supporter of Candy Cane Rescue, a charity rescuing exported greyhounds and other dogs from the meat markets in China, and for which Veritas Director David Gibson is a Trustee.

Property Agents Independent (PAI) Network Blog

15 May 2020

During the unprecedented pandemic we shared our views to the Property Agents Independent (PAI) network on how to aid businesses by enhancing cash reserves through the claiming of capital allowances on unclaimed historic property expenditure.

It’s Not Too Late For Some – Further Claim Opportunities

23 Jan 2020

If you are reading this and thinking it’s too late we already completed on a deal there may still be some available capital allowance claims which can be pursued, even if the contract is silent or an election for £2.00 has been signed up to. Here we set out further claim opportunities, irrespective of contract.

Don’t Look Back In Anger – How To Avoid Missing Out

23 Jan 2020

Whilst there are capital allowance claims that can still be pursued irrespective of the adopted contract position, missing out on valuable tax relief is likely unless key capital allowance due diligence checks and contract provisions are set out before exchange. Here we set out some of the key tasks to avoid losing out.

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.