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Veritas Supporting Charitable Causes

We have chosen to support four charitable causes reflecting activities that are close to us and to people we know and would like to raise awareness of.

01 Oct 2021

Written by: David Gibson

Offshore Investors Sitting On Significant Tax Relief

Unbeknown to many investors they are likely to be sitting on significant unclaimed capital allowances within their existing portfolio which can be used to mitigate the future increased tax liabilities under the UK tax legislation.

27 Sep 2021

Written by: Clive Curd

Using Artificial Intelligence for Capital Allowances

Can Artificial Intelligence help claim capital allowances? In addition to preparing detailed claim reports for clients, Veritas Advisory, in partnership with Brunel University and Innovate UK, are applying technology to solve some of the issues, the main one being how to use data efficiently and correctly.

27 Sep 2021

Written by: Clive Curd

Archive

 

Latest News

Veritas Supporting Charitable Causes

01 Oct 2021

We have chosen to support four charitable causes reflecting activities that are close to us and to people we know and would like to raise awareness of.

Offshore Investors Sitting On Significant Tax Relief

27 Sep 2021

Unbeknown to many investors they are likely to be sitting on significant unclaimed capital allowances within their existing portfolio which can be used to mitigate the future increased tax liabilities under the UK tax legislation.

Using Artificial Intelligence for Capital Allowances

27 Sep 2021

Can Artificial Intelligence help claim capital allowances? In addition to preparing detailed claim reports for clients, Veritas Advisory, in partnership with Brunel University and Innovate UK, are applying technology to solve some of the issues, the main one being how to use data efficiently and correctly.

New Case Law – Potato Store is Plant

07 Aug 2021

JRO Griffiths Limited v The Commissioners for Her Majesty’s Revenue and Customs [2021] UKFTT 257 (TC) resulted in the taxpayer winning their appeal in whether or not a warehouse used to store potatoes for a crisp manufacturer is plant.  The taxpayer won on 2 counts.

Estates Gazette Article – Capitalise on Allowances

20 Jul 2021

Veritas Advisory Director Nolan Masters, together with Alex Barnes a Partner at BDB Pitmans LLP, have published an article in Estates Gazette on how capital allowances claims can mitigate the increasing cost of tax on property investment.

New Case Law – Satellites

16 Jul 2021

A Capital Allowances case Inmarsat Global Limited and The Commissioners for Her Majesty’s Revenue and Customs UT/2019/0167 V), has been refused by the Upper Tier Tribunal, in relation to the launch of satellites.

Taxation Magazine Article – The New Super Deduction

04 Jul 2021

In the June edition of Taxation Magazine Veritas Advisory Director Nolan Masters set out how the new super deduction and special rate allowances will affect property owners, occupiers and investors. Click here to read the article in full

New Case Law – Gas Storage

25 Apr 2021

A case Cheshire Cavity Storage 1 Limited and (2) EDF Energy (Gas Storage Hole House) Limited v The Commissioners for HM Revenue and Customshas been determined at the Upper Tax Tribunal (UTT).  Does a cavity formed to store gas satisfy the requirements to be allowed as plant?

Short on Time? Super Deductions in Brief

20 Apr 2021

For those short on time, we have provided a bullet point summary of the key points, who can claim and considerations when claiming.

The increasing complexity of the Capital Allowances legislation, differing allowances available specific to building uses or certain taxpayers, the introduction of Structure and Buildings Allowances, the timing restrictions on allowances qualifying for 130%, 100% or 50% and the various rules on disposal have created layers of difficulty in calculating and maximising capital allowances tax relief.

The ‘complexity’ issue results in tax incentives being both under and overclaimed, incorrectly categorised or not being claimed at all!

One way to part overcome this is the use of artificial intelligence. In addition to preparing detailed claim reports for clients, Veritas Advisory, in partnership with Brunel University and Innovate UK, are applying technology to solve some of the issues, the main one being how to use data efficiently and correctly.

Put simply, capital allowances is a process of coding expenditure to the correct category, interpreting the relevant legislation at date of expenditure, applying the prevailing rate of allowance, calculating the “pool” of allowances entering the figure into the tax return to reduce taxable profits resulting in paying less tax.

However, rarely do construction projects and ledgers provide data in a tax friendly format or in sufficient detail to maximise a claim and it is not possible to identify qualifying expenditure ancillary to the installation of plant and machinery merely by reviewing contract documents. Unless a Capital Allowances advisor is appointed to analyse the data in detail significant tax relief will remain unidentified and unclaimed.

As part of our team, we have data scientists to develop a software application using the latest technology to help both the SMEs and their advisors to create a more accurate, and efficient claim process for tax reliefs.  Adaptation to change will be part of the process and the accuracy of the outputs will increase over time by using blockchain technology.  Together with industry advances in the data, future incentives will be better applied so they are directed to the specific investment.

In the coming months we will be looking for partners to assist us in testing and piloting the process; please contact Kwang-Sung Chun to register your interest on Kwang.chun@veritasadvisory.co.uk.