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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.

Stephen May v HMRC

This case centred on the ability, or otherwise, to claim a whole facility and involved a tax payer who designed and constructed a grain silo, the description of which does appear to be determined by which side you are on, but described as a “building” by HMRC and a “facility” by the Tribunal, to be neutral.

The tax payer, whose occupation was that of a farmer, growing and harvesting grain, commissioned a purpose made silo for storing grain for future sale. The storage process requires moisture removal, to specific levels, maintaining the quality of the grain to enable the grain to be sold, and where certain levels are met, at a higher price.

HMRC rejected 80% of the costs, with the evidence of an ex HMRC employee stating that internally HMRC thought there was merit to the claim, but that HMRC current practice was not to accept it.

Some may suggest that this is not a fair and equitable way to treat a tax payer, and that HMRC should not reject claims without reason, but consider the evidence and come to their own judgement. However, HMRC did note that it is up to the tax payer to demonstrate the case and relief that they are claiming.

The two key areas to this case surround the definition and meaning of a silo, and of “temporary use”. The building, for all intense and purpose, is a “barn / shed”, but upon further investigation, the tax payer demonstrated it has been specially constructed, including the walls being an extra thickness, as well as part movable, special floors, ventilation apparatus, and a complete building designed to remove moisture from the grain. This design was to meet the specific requirements of storing grain and keeping it in the condition required.

During the process, other cases were referred to in assisting to distinguish between what is a building or structure, and what is an apparatus of a trade. It was also agreed that the building had no other use, other than as a silo.

The other point refused by HMRC was that the building was not used on a temporary basis for storing the grain. However, the tax payer’s argument was accepted on the evidence that the grain was kept up to 9 months with a period of disuse whilst the grain store was prepared for the next harvest. It would be difficult to see why this is not a temporary storage, and it is a product for sale, and has a life span of maximum 10 months.

As with all cases for claiming buildings and structures, the Directors of Veritas Advisory have successfully claimed numerous “facilities” for tax payers, with special attention to understanding a tax payers trade, the facility, case law and how to demonstrate and argue this with HMRC. We are not surprised by the fact that HMRC initial reaction is the dismiss the claim, before considering the evidence that the tax payer has disclosed, as we have had similar cases, which have then been accepted by HMRC.