I want my tax refunded
If you are a UK tax payer and paid tax in 2010/11 or 2011/12, you may be due a tax refund.
Mr A purchased the first of two dental practices in 2006 for £80,000 and undertook a full refurbishment in 2010 for £70,000. The second practice was purchased in 2007 for £180,000 and refurbished for £90,000 during 2008.
£147,000 of plant and machinery allowances were identified. Due to the availability of the Annual Investment Allowances (AIA), the tax returns for 2010/2011 and 2011/2012 could be amended resulting in refunds of £19,000 and £7,000. The remaining Capital Allowances were available to carry forward and used to mitigate future tax liabilities by £31,000.